UNITED STATES  

SECURITIES AND EXCHANGE COMMISSION

Washington D.C. 20549

SCHEDULE 14A

Proxy Statement Pursuant to Section 14(a) of the 

Securities Exchange Act of 1934

Amendment No. 2

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☐Definitive Proxy Statement

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☐Soliciting Material under §240.14a-12

Bannix Acquisition Corp.

(Name of Registrant as Specified In Its Charter)

(Name of Person(s) Filing Proxy Statement if other than the Registrant)

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BANNIX ACQUISITION CORP.

8265 West Sunset Blvd. Suite #107

West Hollywood CA 90046

NOTICE OF SPECIAL MEETING

TO BE HELD ON [*] 2023

TO THE STOCKHOLDERS OF BANNIX ACQUISITION CORP.:

You are cordially invited to attend the special meeting (the “special meeting”) of stockholders of Bannix Acquisition Corp. (the “Company” “we” “us” or “our”) to be held at [*] Eastern Time on [*] 2023. The special meeting will be held virtually at [*]. At the special meeting the stockholders will consider and vote upon the following proposals:

1.	A proposal to amend (the “Extension Amendment”) the Company’s Amended and Restated Certificate of Incorporation (our “charter”) to extend the Termination Date (as defined below) by which the Company must consummate a business combination (as defined below) (the “Extension”) from March 14 2023 the date that is 15 months from the closing date of the Company’s initial public offering of units (the “IPO”) or June 14 2023 the date that is 18 months from the closing date of the Company’s IPO assuming the Automatic Extension (as defined below) is implemented to March 14 2024 (the date that is 30 months from the closing date of the IPO) or June 14 2024 (the date that is 33 months from the closing date of the IPO which assumes the Automatic Extension is implemented) (the “Extended Date”) by allowing the Company without another stockholder vote to elect to extend the Termination Date to consummate a business combination on a monthly basis up to twelve times by an additional one month each time after the Extended Date by resolution of the Company’s board of directors (the “Board”) if requested by Instant Fame LLC, a Nevada limited liability company (the “Sponsor”) and the successor sponsor to Bannix Management LLP a Delaware limited liability partnership our original sponsor and upon five days’ advance notice prior to the applicable Termination Date until March 14 2024 or June 14 2024 (assuming the Automatic Extension is implemented) (each an “Additional Charter Extension Date”) or a total of up to fifteen months after the original Termination Date (or eighteen months after the original Terminate Date assuming the Automatic Extension is implemented) unless the closing of a Business Combination shall have occurred prior thereto (such proposal the “Extension Amendment Proposal”).
2.	A proposal to amend (the “Trust Amendment”) the Company’s Investment Management Trust Agreement dated as of September 10 2021 (the “Trust Agreement”) by and between the Company and Continental Stock Transfer & Trust Company (the “Trustee”) allowing the Company in the event that the Company has not consummated a business combination by the Extended Date to extend by resolution of the Board and without approval of the Company’s stockholders the Termination Date up to twelve times each by one additional month (for a total of up to twelve additional months) by depositing into the Trust Account for each such monthly extension an amount equal to the lesser of (x) $75000 and (y) $0.07 for each share that is not redeemed in connection with the special meeting (such proposal the “Trust Amendment Proposal”).
3.	A proposal to approve the adjournment of the special meeting to a later date or dates if necessary to permit further solicitation and vote of proxies in the event that there are insufficient votes to approve the Extension Amendment Proposal or the Trust Amendment Proposal or if we determine that additional time is necessary to effectuate the Extension (the “Adjournment Proposal”).

Each of the Extension Amendment Proposal the Trust Amendment Proposal and the Adjournment Proposal is more fully described in the accompanying proxy statement. Due to health concerns stemming from the COVID-19 pandemic and to support the health and well-being of our stockholders the special meeting will be a virtual meeting. You will be able to attend and participate in the special meeting online by visiting [*]. Please see “Questions and Answers about the Special Meeting — How do I attend the special meeting?” for more information.

THE BOARD UNANIMOUSLY RECOMMENDS A VOTE “FOR” BOTH THE EXTENSION AMENDMENT PROPOSAL AND THE TRUST AMENDMENT PROPOSAL AND IF PRESENTED THE ADJOURNMENT PROPOSAL.

The sole purpose of the Extension Amendment Proposal and the Trust Amendment Proposal is to provide the Company with sufficient time to complete a merger share exchange asset acquisition stock purchase recapitalization reorganization or similar business combination involving the Company and one or more businesses (a “business combination”). The charter currently provides us with the option if requested by the Sponsor to extend the period of time to consummate a business combination by an additional three months (to June 14 2023) subject to the Sponsor depositing $690000 in additional funds into the trust account as set forth in our charter (the “Automatic Extension”). The Board currently believes that there will not be sufficient time before March 14 2023 or June 14 2023 (the “Combination Period”) to complete any business combination. Accordingly our Board believes that the Extension is necessary in order to be able to consummate an initial business combination. Therefore our Board has determined that it is in the best interests of our stockholders to extend the date by which the Company must consummate a business combination to the Extended Date in order to provide our stockholders with the opportunity to participate in the prospective investment. In the event that we enter into a definitive agreement for an initial business combination prior to the special meeting we will issue a press release and file a Current Report on Form 8-K with the United States Securities and Exchange Commission (“SEC”) announcing the proposed business combination. The purpose of the Adjournment Proposal is to allow the Company to adjourn the special meeting to a later date or dates if we determine that additional time is necessary to permit further solicitation and vote of proxies in the event that there are insufficient votes to approve the Extension Amendment Proposal or the Trust Amendment Proposal or if we determine that additional time is necessary to effectuate the Extension.

The affirmative vote of 65% of the Company’s outstanding common stock par value $0.01 per share (the “common stock”) will be required to approve the Extension Amendment Proposal and the Trust Amendment Proposal. Approval of the Extension Amendment Proposal and the Trust Amendment Proposal is a condition to the implementation of the Extension. In addition the Company will not proceed with the Extension if the number of redemptions of our common stock causes the Company to have less than $5000001 of net tangible assets following approval of the Extension Amendment Proposal and the Trust Amendment Proposal.

Approval of the Adjournment Proposal requires the affirmative vote of the majority of the votes cast by stockholders represented in person (including virtually) or by proxy at the special meeting.

Our Board has fixed the close of business on [*] 2023 as the record date for determining the Company’s stockholders entitled to receive notice of and vote at the special meeting and any adjournment thereof. Only holders of record of the Company’s common stock on that date are entitled to have their votes counted at the special meeting or any adjournment thereof. A complete list of stockholders of record entitled to vote at the special meeting will be available for ten days before the special meeting at the Company’s principal executive offices for inspection by stockholders during ordinary business hours for any purpose germane to the special meeting.

If the Extension Amendment Proposal and the Trust Amendment Proposal are approved and the Extension is implemented holders of common may elect to redeem their common stock for a per share price payable in cash equal to the aggregate amount then on deposit in the trust account established by the Company in connection with its IPO (the “trust account”) as of two business days prior to the special meeting including any interest earned on the trust account deposits (net of taxes payable) divided by the number of then outstanding common stock (the “Election”) regardless of whether or how such stockholders vote on the Extension Amendment Proposal or the Trust Amendment Proposal. However the Company may not redeem our common stock in an amount that would cause our net tangible assets to be less than $5000001. If the Extension Amendment Proposal and the Trust Amendment Proposal are approved by the requisite vote of stockholders holders of common stock that do not make the Election will retain the opportunity to have their common stock redeemed in conjunction with the consummation of a business combination subject to any limitations set forth in our charter as amended. In addition stockholders who do not make the Election would be entitled to have their common stock redeemed for cash if the Company has not completed a business combination by the Extended Date.

If the Extension Amendment Proposal and the Trust Amendment Proposal are approved and the Extension Amendment and Trust Amendment become effective prior to filing an amendment to our charter with the Delaware Secretary of State to effectuate the Extension Amendment our Sponsor or its designee has agreed to advance to us as loans for deposit into the Trust Account the needed monthly amounts equal to the lesser of (x) $75000 and (y) $0.07 for each share that is not redeemed in connection with the special meeting. In addition if the Extension Amendment Proposal and the Trust Amendment Proposal are approved and the Extension Amendment and Trust Amendment become effective in the event that the Company has not consummated a business combination by March 14 2023 (or June 14 2023 of the Automatic Extension is implement) the Company may by resolution of the Board and without approval of the Company’s public stockholders if requested by the Sponsor and upon five days’ advance notice prior to the applicable Termination Date extend the Termination Date up to twelve times each by one additional month (for a total of up to twelve additional months to complete a business combination) provided that the Sponsor or its designee will for each such monthly extension advance to us as a loan for deposit into the Trust Account an amount equal to the lesser of (a) $75000 or (b) $0.07 for each public share that is not redeemed in connection with the special meeting for an aggregate deposit of up to the lesser of (x) $900000 or (y) $0.84 for each public share that is not redeemed in connection with the special meeting (if all twelve additional monthly extensions are exercised). The advances are conditioned upon the implementation of the Extension Amendment Proposal and the Trust Amendment Proposal and will not occur if either the Extension Amendment Proposal or the Trust Amendment Proposal is not approved or the Extension is not completed. The amount of the advances will not bear interest and will be repayable by the Company to our Sponsor or its designees upon consummation of the business combination. If our Sponsor or its designee advises the Company that it does not intend to make the advances then the Extension Amendment Proposal the Trust Amendment Proposal and the Adjournment Proposal will not be put before the shareholders at the special meeting and we may decide in accordance with our charter to extend the period of time to consummate an initial Business Combination pursuant to the Automatic Extension or to dissolve and liquidate. Our Sponsor or its designees will have the sole discretion whether to continue extending for additional calendar months until the Extended Date and if our Sponsor determines not to continue extending for additional calendar months its obligation to make additional advances will terminate.

The Company estimates that the per share price at which the common stock may be redeemed from cash held in the trust account will be approximately $10.[*] at the time of the special meeting. The closing price of the Company’s common stock on the Nasdaq Stock Market LLC (“NASDAQ”) on [*] 2023 the record date of the special meeting was $[*]. Accordingly if the market price were to remain the same until the date of the special meeting exercising redemption rights would result in a public stockholder receiving approximately $[*] [more/less] than if such stockholder sold the common stock in the open market as of [*] 2023. The Company cannot assure stockholders that they will be able to sell their common stock in the open market even if the market price per share is higher than the redemption price stated above as there may not be sufficient liquidity in its securities when such stockholders wish to sell their shares.

The Adjournment Proposal if adopted will allow our Board to adjourn the special meeting to a later date or dates if necessary or appropriate to permit further solicitation of proxies. The Adjournment Proposal will be presented to our stockholders only in the event that there are insufficient for or otherwise in connection with the approval of the Extension Amendment Proposal or the Trust Amendment Proposal.

If either the Extension Amendment Proposal or the Trust Amendment Proposal is not approved the Company does not effect the Automatic Extension prior to the end of the Combination Period and the Company does not consummate an initial business combination within the Combination Period as contemplated by our IPO prospectus and in accordance with our charter the Company will (i) cease all operations except for the purpose of winding up (ii) as promptly as reasonably possible but not more than ten business days thereafter and subject to having lawfully available funds therefor redeem 100% of the outstanding common stock at a per share price payable in cash equal to the aggregate amount then on deposit in the trust account including any interest earned on the trust account deposits (which interest shall be net of taxes payable and after setting aside up to $100000 to pay dissolution expenses) divided by the number of then outstanding common stock which redemption will completely extinguish stockholders’ rights as stockholders (including the right to receive further liquidation distributions if any) subject to applicable law and (iii) as promptly as reasonably possible following such redemption subject to the approval of our remaining stockholders and our Board in accordance with applicable law dissolve and liquidate subject in each case to our obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. The Company and the Sponsor may elect to extend the Combination Period from March 14 2023 to June 14 2023 pursuant to the Automatic Extension but are under no obligation to do so. There will be no redemption rights or liquidating distributions with respect to our warrants including the warrants included in the units sold in the IPO (the “public warrants”) which will expire worthless in the event the Company winds up.

You are not being asked to vote on a business combination at this time. If the Extension is implemented and you do not elect to redeem your common stock in connection with the Extension you will retain the right to vote on a business combination when it is submitted to the stockholders (provided that you are a stockholder on the record date for a meeting to consider a business combination) and the right to redeem your common stock for a pro rata portion of the trust account in the event a business combination is approved and completed or the Company has not consummated a business combination by the Extended Date.

After careful consideration of all relevant factors our Board has determined that the Extension Amendment Proposal and the Trust Amendment Proposal and if presented the Adjournment Proposal are both advisable and recommends that you vote or give instruction to vote “FOR” both the Extension Amendment Proposal and the Trust Amendment Proposal and if presented the Adjournment Proposal.

Enclosed is the proxy statement containing detailed information concerning the Extension Amendment Proposal Adjournment Proposal and the special meeting. Whether or not you plan to attend the special meeting the Company urges you to read this material carefully and vote your shares.

[*] 2023	By Order of the Board of Directors
	Douglas Davis
	Co- Chair of the Board and Chief Executive Officer
	Craig J. Marshak
	Co- Chair of the Board

Your vote is important. If you are a stockholder of record please sign date and return your proxy card as soon as possible to make sure that your shares are represented at the special meeting. If you are a stockholder of record you may also cast your vote virtually at the special meeting. If your shares are held in an account at a brokerage firm or bank you must instruct your broker or bank how to vote your shares or you may cast your vote virtually at the special meeting by obtaining a proxy from your brokerage firm or bank. Your failure to vote or instruct your broker or bank how to vote will have the same effect as voting against the Extension Amendment Proposal and an abstention will have the same effect as voting against the Extension Amendment Proposal. Abstentions will be counted in connection with the determination of whether a valid quorum is established but will have no effect on the outcome of the Adjournment Proposal.

Important Notice Regarding the Availability of Proxy Materials for the Special Meeting of Stockholders to be held on [*] 2023: This notice of meeting and the accompanying proxy statement are available at [*].

TO EXERCISE YOUR REDEMPTION RIGHTS YOU MUST (1) IF YOU HOLD COMMON STOCK THROUGH UNITS ELECT TO SEPARATE YOUR UNITS INTO THE UNDERLYING COMMON STOCK AND PUBLIC WARRANTS PRIOR TO EXERCISING YOUR REDEMPTION RIGHTS WITH RESPECT TO THE COMMON STOCK (2) SUBMIT A WRITTEN REQUEST TO THE TRANSFER AGENT BY 5:00 P.M. EST ON [*] 2023 THE DATE THAT IS TWO BUSINESS DAYS PRIOR TO THE SCHEDULED VOTE AT THE SPECIAL MEETING THAT YOUR COMMON STOCK BE REDEEMED FOR CASH INCLUDING THE LEGAL NAME PHONE NUMBER AND ADDRESS OF THE BENEFICIAL OWNER OF THE SHARES FOR WHICH REDEMPTION IS REQUESTED AND (3) DELIVER YOUR SHARES OF COMMON STOCK TO THE TRANSFER AGENT PHYSICALLY OR ELECTRONICALLY USING THE DEPOSITORY TRUST COMPANY’S DWAC (DEPOSIT WITHDRAWAL AT CUSTODIAN) SYSTEM IN EACH CASE IN ACCORDANCE WITH THE PROCEDURES AND DEADLINES DESCRIBED IN THE ACCOMPANYING PROXY STATEMENT. IF YOU HOLD THE SHARES IN STREET NAME YOU WILL NEED TO INSTRUCT THE ACCOUNT EXECUTIVE AT YOUR BANK OR BROKER TO WITHDRAW THE SHARES FROM YOUR ACCOUNT IN ORDER TO EXERCISE YOUR REDEMPTION RIGHTS.

BANNIX ACQUISITION CORP.

8265 West Sunset Blvd. Suite #107 Suite #500

West Hollywood CA 90046

PROXY STATEMENT FOR THE SPECIAL MEETING OF STOCKHOLDERS

TO BE HELD ON [*] 2023

The special meeting of stockholders (the “special meeting”) of Bannix Acquisition Corp. (the “Company” “we” “us” or “our”) a Delaware corporation will be held at [*] Eastern Time on [*] 2023. The special meeting will be held virtually at [*]. At the special meeting the stockholders will consider and vote upon the following proposals:

1.	A proposal to amend (the “Extension Amendment”) the Company’s Amended and Restated Certificate of Incorporation (our “charter”) to extend the date (the “Termination Date”) by which the Company must consummate a business combination (as defined below) (the “Extension”) from March 14 2023 (the date that is 18 months from the closing date of the Company’s initial public offering of units (the “IPO”)) to March 14 2024 (the date that is 30 months from the closing date of the IPO) or in the event the Automatic Extension has been implemented to June 14 2024 (the date this is 33 months form the closing date of the IPO) (the “Extended Date”) by allowing the Company without another stockholder vote to elect to extend the Termination Date to consummate a business combination on a monthly basis up to twelve times by an additional one month each time after the Extended Date by resolution of the Company’s board of directors (the “Board”) if requested by Bannix Management LLP a Delaware limited liability partnership (the “Sponsor”) and upon five days’ advance notice prior to the applicable Termination Date until March 14 2024 or in the event the Automatic Extension has been implemented to June 14 2024 (each an “Additional Charter Extension Date”) or a total of up to fifteen months after the original Termination Date unless the closing of a Business Combination shall have occurred prior thereto (such proposal the “Extension Amendment Proposal”).
2.	A proposal to amend (the “Trust Amendment”) the Company’s Investment Management Trust Agreement dated as of September 10 2021 (the “Trust Agreement”) by and between the Company and Continental Stock Transfer & Trust Company (the “Trustee”) allowing the Company in the event that the Company has not consummated a business combination by the Extended Date to extend by resolution of the Board and without approval of the Company’s stockholders the Termination Date up to twelve times each by one additional month (for a total of up to twelve additional months) by depositing into the Trust Account for each such monthly extension an amount equal to the lesser of (x) $75000 and (y) $0.07 for each share that is not redeemed in connection with the special meeting (such proposal the “Trust Amendment Proposal”).
3.	A proposal to approve the adjournment of the special meeting to a later date or dates if necessary to permit further solicitation and vote of proxies in the event that there are insufficient votes to approve the Extension Amendment Proposal or the Trust Amendment Proposal or if we determine that additional time is necessary to effectuate the Extension (the “Adjournment Proposal”).

Each of the Extension Amendment Proposal the Trust Amendment Proposal and the Adjournment Proposal is more fully described herein. Due to health concerns stemming from the COVID-19 pandemic and to support the health and well-being of our stockholders the special meeting will be a virtual meeting. You will be able to attend and participate in the special meeting online by visiting [*]. Please see “Questions and Answers about the Special Meeting — How do I attend the special meeting?” for more information.

The sole purpose of the Extension Amendment Proposal and the Trust Amendment Proposal is to provide the Company with sufficient time to complete a merger share exchange asset acquisition stock purchase recapitalization reorganization or similar business combination involving the Company and one or more businesses (a “business combination”). The charter currently provides us with the option if requested by the Sponsor to extend the period of time to consummate a business combination by an additional three months (to June 14 2023) subject to the Sponsor depositing $690000 in additional funds as set forth in our charter (the “Automatic Extension”). The Board currently believes that there will not be sufficient time before March 14 2023 or June 14 2023 (the “Combination Period”) to complete any business combination. Accordingly our Board believes that the Extension is necessary in order to be able to consummate an initial business combination. Therefore our Board has determined that it is in the best interests of our stockholders to extend the date by which the Company must consummate a business combination to the Extended Date in order to provide our stockholders with the opportunity to participate in the prospective investment. In the event that we enter into a definitive agreement for an initial business combination prior to the special meeting we will issue a press release and file a Current Report on Form 8-K with the United States Securities and Exchange Commission (“SEC”) announcing the proposed business combination. The purpose of the Adjournment Proposal is to allow the Company to adjourn the special meeting to a later date or dates if we determine that additional time is necessary to permit further solicitation and vote of proxies in the event that there are insufficient votes to approve the Extension Amendment Proposal or the Trust Amendment Proposal or if we determine that additional time is necessary to effectuate the Extension.

The affirmative vote of 65% of the Company’s outstanding common stock (the “common stock”) will be required to approve the Extension Amendment Proposal and the Trust Amendment Proposal. Approval of the Extension Amendment Proposal and the Trust Amendment Proposal is a condition to the implementation of the Extension. In addition the Company will not proceed with the Extension if the number of redemptions of our common stock causes the Company to have less than $5000001 of net tangible assets following approval of the Extension Amendment Proposal and the Trust Amendment Proposal.

Approval of the Adjournment Proposal requires the affirmative vote of the majority of the votes cast by stockholders represented in person (including virtually) or by proxy at the special meeting.

Our Board has fixed the close of business on [*] 2023 as the record date for determining the Company’s stockholders entitled to receive notice of and vote at the special meeting and any adjournment thereof. Only holders of record of the Company’s common stock on that date are entitled to have their votes counted at the special meeting or any adjournment thereof. A complete list of stockholders of record entitled to vote at the special meeting will be available for ten days before the special meeting at the Company’s principal executive offices for inspection by stockholders during ordinary business hours for any purpose germane to the special meeting.

If the Extension Amendment Proposal and the Trust Amendment Proposal are approved and the Extension is implemented holders of common stock (“stockholders”) may elect to redeem their common stock for a per share price payable in cash equal to the aggregate amount then on deposit in the trust account established by the Company in connection with its IPO (the “trust account”) as of two business days prior to the special meeting including any interest earned on the trust account deposits (which interest shall be net of taxes payable) divided by the number of then outstanding common stock (the “Election”) regardless of whether such stockholders vote on the Extension Amendment Proposal or the Trust Amendment Proposal. However the Company may not redeem our common stock in an amount that would cause our net tangible assets to be less than $5000001. If the Extension Amendment Proposal and the Trust Amendment Proposal are approved by the requisite vote of stockholders the holders of common stock that do not make the Election will retain the opportunity to have their common stock redeemed in conjunction with the consummation of a business combination subject to any limitations set forth in our charter as amended. In addition stockholders who do not make the Election would be entitled to have their common stock redeemed for cash if the Company has not completed a business combination by the Extended Date.

If the Extension Amendment Proposal and the Trust Amendment Proposal are approved and the Extension Amendment and Trust Amendment become effective in the event that the Company has not consummated a business combination by March 14 2023 or in event the Automatic Extension is implanted by June 14 2023 the Company may by resolution of the Board and without approval of the Company’s public stockholders if requested by the Sponsor and upon five days’ advance notice prior to the applicable Termination Date extend the Termination Date up to twelve times each by one additional month (for a total of up to twelve additional months to complete a business combination) provided that the Sponsor or its designee will for each such monthly extension advance to us as a loan for deposit into the Trust Account an amount equal to the lesser of (a) $75000 or (b) $0.07 for each public share that is not redeemed in connection with the special meeting for an aggregate deposit of up to the lesser of (x) $900000 or (y) $0.84 for each public share that is not redeemed in connection with the special meeting (if all twelve additional monthly extensions are exercised). The advances are conditioned upon the implementation of the Extension Amendment Proposal and the Trust Amendment Proposal and will not occur if either the Extension Amendment Proposal or the Trust Amendment Proposal is not approved or the Extension is not completed. The amount of the advances will not bear interest and will be repayable by the Company to our Sponsor or its designees upon consummation of the business combination. If our Sponsor or its designee advises the Company that it does not intend to make the advances then the Extension Amendment Proposal the Trust Amendment Proposal and the Adjournment Proposal will not be put before the shareholders at the special meeting and we may decide in accordance with our charter to extend the period of time to consummate an initial Business Combination pursuant to the Automatic Extension or to dissolve and liquidate. Our Sponsor or its designees will have the sole discretion whether to continue extending for additional calendar months until the Extended Date and if our Sponsor determines not to continue extending for additional calendar months its obligation to make additional advances will terminate.

The withdrawal of funds from the trust account in connection with the Election will reduce the amount held in the trust account following the Election and the amount remaining in the trust account after such withdrawal may be only a fraction of the approximately $[*] (including interest but less the funds used to pay taxes) that was in the trust account as of the record date. In such event the Company may still seek to obtain additional funds to complete a business combination and there can be no assurance that such funds will be available on terms acceptable to the parties or at all.

The Company estimates that the per share price at which the common stock may be redeemed from cash held in the trust account will be approximately $[*] at the time of the special meeting. The closing price of the Company’s common stock on the Nasdaq Stock Market LLC (“NASDAQ”) on [*] 2023 the record date of the special meeting was $[*]. Accordingly if the market price were to remain the same until the date of the special meeting exercising redemption rights would result in a public stockholder receiving approximately $[*] [more/less] than if such stockholder sold the common stock in the open market. The Company cannot assure stockholders that they will be able to sell their common stock in the open market even if the market price per share is higher than the redemption price stated above as there may not be sufficient liquidity in its securities when such stockholders wish to sell their shares.

The Adjournment Proposal if adopted will allow our Board to adjourn the special meeting to a later date or dates if necessary or appropriate to permit further solicitation of proxies. The Adjournment Proposal will be presented to our stockholders only in the event that there are insufficient votes for or otherwise in connection with the approval of the Extension Amendment Proposal or the Trust Amendment Proposal.

If either the Extension Amendment Proposal or the Trust Amendment Proposal is not approved the Company does not effect the Automatic Extension prior to the end of the Combination Period and the Company does not consummate an initial business combination within the Combination Period as contemplated by our IPO prospectus and in accordance with charter the Company will (i) cease all operations except for the purpose of winding up (ii) as promptly as reasonably possible but not more than ten business days thereafter and subject to having lawfully available funds therefor redeem 100% of the outstanding common stock at a per share price payable in cash equal to the aggregate amount then on deposit in the trust account including any interest earned on the trust account deposits (which interest shall be net of taxes payable and after setting aside up to $100000 to pay dissolution expenses) divided by the number of then outstanding common stock which redemption will completely extinguish stockholders’ rights as stockholders (including the right to receive further liquidation distributions if any) subject to applicable law and (iii) as promptly as reasonably possible following such redemption subject to the approval of our remaining stockholders and our Board in accordance with applicable law dissolve and liquidate subject in each case to our obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. The Company and the Sponsor may elect to extend the Combination Period under the current charter from March 14 2023 to June 14 2023 pursuant to the Automatic Extension but are under no obligation to do so. There will be no redemption rights or liquidating distributions with respect to our warrants which will expire worthless in the event the Company winds up.

Our Sponsor and our officers and directors (altogether the “initial stockholders”) have agreed to waive their redemption rights with respect to their shares and common stock in connection with a stockholder vote to approve an amendment to the Company’s charter.

Our Sponsor has agreed that it will be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company or a prospective target business with which the Company has entered into a written letter of intent confidentiality or similar agreement or business combination agreement reduce the amount of funds in the trust account to below the lesser of (i) $10.10 per public share and (ii) the actual amount per public share held in the trust account as of the date of the liquidation of the trust account if less than $10.10 per share due to reductions in the value of the trust assets less taxes payable provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to the monies held in the trust account (whether or not such waiver is enforceable) nor will it apply to any claims under the Company’s indemnity of the underwriters of the IPO against certain liabilities including liabilities under the Securities Act of 1933 as amended. However we have not asked our Sponsor to reserve for such indemnification obligations nor have we independently verified whether our Sponsor has sufficient funds to satisfy its indemnity obligations and believe that our Sponsor’s only assets are securities of the Company. Therefore we cannot assure that its Sponsor would be able to satisfy those obligations.

Under the Delaware General Corporation Law (the “DGCL”) stockholders may be held liable for claims by third parties against a corporation to the extent of distributions received by them in a dissolution. If the corporation complies with certain procedures set forth in Section 280 of the DGCL intended to ensure that it makes reasonable provision for all claims against it including a 60-day notice period during which any third-party claims can be brought against the corporation a 90-day period during which the corporation may reject any claims brought and an additional 150-day waiting period before any liquidating distributions are made to stockholders any liability of stockholders with respect to a liquidating distribution is limited to the lesser of such stockholder’s pro rata share of the claim or the amount distributed to the stockholder and any liability of the stockholder would be barred after the third anniversary of the dissolution.

However because the Company will not be complying with Section 280 of the DGCL Section 281(b) of the DGCL requires the Company to adopt a plan based on facts known to the Company at such time that will provide for our payment of all existing and pending claims or claims that may be potentially brought against the Company within the subsequent ten years following our dissolution. However because the Company is a blank check company rather than an operating company and our operations have been limited to searching for prospective target businesses to acquire the only likely claims to arise would be from our vendors (such as lawyers investment bankers etc.) or prospective target businesses.

If the Extension Amendment Proposal and the Trust Amendment are approved such approval will constitute consent for the Company to (i) remove from the trust account an amount (the “Withdrawal Amount”) equal to the number of common stock properly redeemed multiplied by the per share price equal to the aggregate amount then on deposit in the trust account as of two business days prior to such approval including any interest earned on the trust account deposits (which interest shall be net of taxes payable) divided by the number of then outstanding common stock and (ii) deliver to the holders of such redeemed common stock their portion of the Withdrawal Amount. The remainder of such funds shall remain in the trust account and be available for use by the Company to complete a business combination on or before the Extended Date. Holders of common stock who do not redeem their common stock now will retain their redemption rights and their ability to vote on a business combination through the Extended Date if the Extension Amendment Proposal and the Trust Amendment Proposal are approved.

Our Board has fixed the close of business on [*] 2023 as the date for determining the Company stockholders entitled to receive notice of and vote at the special meeting. Only record holders of the Company’s common stock at the close of business on the record date are entitled to vote or have their votes cast at the special meeting. On the record date there were [*] outstanding shares of the Company’s common stock with respect to the Extension Amendment Proposal and the Trust Amendment Proposal. The Company’s warrants do not have voting rights in connection with either the Extension Amendment Proposal or the Trust Amendment Proposal or if presented the Adjournment Proposal.

This proxy statement contains important information about the special meeting and the proposals to be voted on at the special meeting. Please read it carefully and vote your shares.

TABLE OF CONTENTS

	Page
FORWARD-LOOKING STATEMENTS		1
QUESTIONS AND ANSWERS ABOUT THE SPECIAL MEETING		2
RISK FACTORS		16
THE SPECIAL MEETING		17
Date Time Place and Purpose of the Special Meeting		17
Voting Power; Record Date		17
Votes Required		17
Voting		18
Revocability of Proxies		19
Attendance at the Special Meeting		19
Solicitation of Proxies		19
No Right of Appraisal		19
Other Business		19
Principal Executive Offices		19
THE EXTENSION AMENDMENT PROPOSAL AND THE TRUST AMENDMENT PROPOSAL		20
Background		20
The Extension Amendment Proposal and the Trust Amendment Proposal		20
Reasons for the Extension Amendment Proposal and the Trust Amendment Proposal		21
If Either the Extension Amendment Proposal or the Trust Amendment Proposal is Not Approved		21
If the Extension Amendment Proposal and the Trust Amendment Proposal are Approved		21
Redemption Rights		22
Interests of the Company’s Directors and Executive Officers		24
U.S. Federal Income Tax Considerations		25
U.S. Holders		27
Information Reporting and Backup Withholding		29
Non-U.S. Holders		29
Information Reporting and Backup Withholding		32
Foreign Account Tax Compliance Act		32
Required Vote		32
Recommendation		33
THE ADJOURNMENT PROPOSAL		34
Overview		34
Consequences if the Adjournment Proposal is Not Approved		34
Required Vote		34
Recommendation		34
PRINCIPAL STOCKHOLDERS		35
DELIVERY OF DOCUMENTS TO STOCKHOLDERS		36
WHERE YOU CAN FIND MORE INFORMATION		36
ANNEX A		A-1
ANNEX B		B-1

FORWARD-LOOKING STATEMENTS

The statements contained in this proxy statement that are not purely historical are “forward-looking statements.” Our forward-looking statements include but are not limited to statements regarding our or our management team’s expectations hopes beliefs intentions or strategies regarding the future. In addition any statements that refer to projections forecasts or other characterizations of future events or circumstances including any underlying assumptions are forward-looking statements. The words “anticipate” “believe” “continue” “could” “estimate” “expect” “intends” “may” “might” “plan” “possible” “potential” “predict” “project” “should” “would” and similar expressions may identify forward-looking statements but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this proxy statement may include without limitation statements about:

● our ability to select an appropriate target business or businesses;

● our ability to complete our initial business combination on attractive terms or at all;

● our ability to consummate an initial business combination due to the uncertainty resulting from the COVID-19 pandemic (“COVID-19”) and economic uncertainty and volatility in the financial markets;

● our expectations around the performance of the prospective target business or businesses;

● our success in retaining or recruiting or changes required in our officers key employees or directors following our initial business combination;

● our officers and directors allocating their time to other businesses and potentially having conflicts of interest with our business or in approving our initial business combination;

● actual and potential conflicts of interest relating to our management team Sponsor or directors or any of their respective affiliates;

● our ability to draw from the support and expertise of affiliates of our Sponsor;

● our potential ability to obtain additional financing to complete our initial business combination on attractive terms or at all;

● our pool of prospective target businesses including the location and industry of such target businesses;

● the ability of our management team to generate a number of potential business combination opportunities;

● failure to maintain the listing on or the delisting of our securities from NASDAQ or an inability to have our securities listed on NASDAQ or another national securities exchange following our initial business combination;

● our public securities’ potential liquidity and trading;

● the lack of a market for our securities;

● the use of proceeds not held in the trust account (the “trust account”) or available to us from interest income on the trust account balance;

● the trust account not being subject to claims of third parties; or

● our financial performance.

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The forward-looking statements contained in this proxy statement are based on our current expectations and beliefs concerning future developments and their potential effects on us. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include but are not limited to those factors described under the heading “Risk Factors” in our Annual Report on Form 10-K for the period from January 21 2021 (inception) through December 31 2021 filed with the SEC on March 18 2022 and amended on November 3 2022 and subsequent periodic filings with the SEC. Should one or more of these risks or uncertainties materialize or should any of our assumptions prove incorrect actual results may vary in material respects from those projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements whether as a result of new information future events or otherwise except as may be required under applicable law.

QUESTIONS AND ANSWERS ABOUT THE SPECIAL MEETING

These Questions and Answers are only summaries of the matters they discuss. They do not contain all of the information that may be important to you. You should read carefully the entire document including the annexes to this proxy statement.

Why am I receiving this proxy statement?

This proxy statement and the enclosed proxy card are being sent to you in connection with the solicitation of proxies by our Board for use at the special meeting or at any adjournments thereof. This proxy statement summarizes the information that you need to make an informed decision on the proposals to be considered at the special meeting.

The Company is a blank check company formed in 2021 for the purpose of entering into a merger capital stock exchange asset acquisition stock purchase reorganization or similar business combination with one or more businesses. On September 14 2021 the Company consummated its IPO of 6900000 units (the “units”). Each unit consists of one share of common stock one redeemable warrant to purchase one share of common stock (the “public warrants”) and one right to buy one tenth of one share of common stock. The units were sold at an offering price of $10.00 per unit generating gross proceeds of $69000000. Concurrent with the IPO the Company consummated the issuance of 406000 private placement units (the “Private Placement Units”) as follows: the Company sold 181000 Private Placement Units to certain investors for aggregate cash proceeds of $2460000 and issued an additional 225000 private placement units to the Sponsor in exchange for the cancellation of $1105000 in loans and a promissory note due to them. Each Private Placement Unit consists of one share of common stock one redeemable warrant to purchase one share of common stock at a price of $11.50 per whole share and one right. Each right entitles the holder thereof to receive one-tenth (1/10) of one share of common stock upon the consummation of the Business Combination.

Following the closing of the IPO on September 14 2021 an amount of $69690000 ($10.10 per Unit) from the net proceeds of the sale of the Units in the IPO and Private Placement Units was placed in a trust account (the “Trust Account”) and invested in U.S. government securities within the meaning set forth in Section 2(a)(16) of the Investment Company Act with a maturity of 180 days or less or in any open-ended investment company that holds itself out as a money market fund meeting the conditions of Rule 2a-7 of the Investment Company Act as determined by the Company. Except with respect to interest earned on the funds held in the Trust Account that may be released to the Company to pay its franchise and income tax obligations (less up to $100000 of interest to pay dissolution expenses) the proceeds from this offering and the sale of the Private Placement Units will not be released from the Trust Account until the earliest of (a) the completion of the Company’s initial Business Combination (b) the redemption of any Public Shares properly submitted in connection with a stockholder vote to amend the Company’s amended and restated certificate of incorporation and (c) the redemption of the Company’s Public Shares if the Company is unable to complete the initial Business Combination within 15 months from the closing of this offering or within any period of extension subject to applicable law. Like most blank check companies our charter provides for the return of the IPO proceeds held in the trust account to the holders of shares of common stock sold in the IPO if there is no qualifying business combination(s) consummated on or before a certain date (the “Combination Period”). In our case such certain date is March 14 2023 (subject to extension until June 14 2023). Our Board has determined that it is in the best interests of the Company to amend the Company’s charter to extend the date we have to consummate a business combination to March 14 2024 or in the event the Automatic Extension is implemented through June 14 2024 in order to allow the Company more time to complete a business combination. Therefore our Board is submitting the proposals described in this proxy statement for the stockholders to vote upon.

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What is being voted on?

You are being asked to vote on each of the Extension Amendment Proposal the Trust Amendment Proposal and if presented the Adjournment Proposal. Both proposals are listed below:

1.	Extension Amendment Proposal: A proposal to amend our charter to extend the date by which the Company must consummate a business combination from March 14 2023 (the date that is 18 months from the closing date of the IPO to March 14 2024 (the date that is 30 months from the closing date of the IPO) or in the event the Automatic Extension has been implemented to June 14 2024 (the date this is 33 months form the closing date of the IPO) by allowing the Company without another stockholder vote to elect to extend the Termination Date to consummate a business combination on a monthly basis up to twelve times by an additional one month each time after the Extended Date by resolution of the Board) if requested by the Sponsor and upon five days’ advance notice prior to the applicable Termination Date until March 14 2024 or a total of up to fifteen months after the original Termination Date or in the event the Automatic Extension has been implemented June 14 2024 or a total of up to eighteen months after the original Termination Date unless the closing of a Business Combination shall have occurred prior thereto.
2.	Trust Amendment Proposal: A proposal to amend the Trust Agreement by and between the Company and the Trustee allowing the Company in the event that the Company has not consummated a business combination by the Extended Date to extend by resolution of the Board and without approval of the Company’s stockholders the Termination Date up to twelve times each by one additional month (for a total of up to twelve additional months) by depositing into the Trust Account for each such monthly extension an amount equal to the lesser of (x) $75000 and (y) $0.07 for each share that is not redeemed in connection with the special meeting.
3.	Adjournment Proposal: A proposal to approve the adjournment of the special meeting to a later date or dates if necessary to permit further solicitation and vote of proxies in the event that there are insufficient votes to approve the Extension Amendment Proposal or the Trust Amendment Proposal or if we determine that additional time is necessary to effectuate the Extension.

What are the purposes of the Extension Amendment Proposal the Trust Amendment Proposal and the Adjournment Proposal?

The sole purpose of the Extension Amendment Proposal and the Trust Amendment Proposal is to provide the Company with sufficient time to complete a business combination. Accordingly our Board believes that the Extension is necessary in order to be able to consummate an initial business combination. Therefore our Board has determined that it is in the best interests of our stockholders to extend the date by which the Company must consummate a business combination to the Extended Date in order to provide our stockholders with the opportunity to participate in the prospective investment. In the event that we enter into a definitive agreement for an initial business combination prior to the special meeting we will issue a press release and file a Current Report on Form 8-K with the SEC announcing the proposed business combination.

The purpose of the Adjournment Proposal is to allow the Company to adjourn the special meeting to a later date or dates if we determine that additional time is necessary to permit further solicitation and vote of proxies in the event that there are insufficient votes to approve the Extension Amendment Proposal or the Trust Amendment Proposal or if we determine that additional time is necessary to effectuate the Extension.

Approval of the Extension Amendment Proposal and the Trust Amendment Proposal is a condition to the implementation of the Extension. The Company will not proceed with the Extension if redemptions of our common stock cause the Company to have less than $5000001 of net tangible assets following approval of the Extension Amendment Proposal and the Trust Amendment Proposal.

If the Extension is implemented such approval will constitute consent for the Company to remove the Withdrawal Amount from the trust account deliver to the holders of redeemed common stock their portion of the Withdrawal Amount and retain the remainder of the funds in the trust account for the Company’s use in connection with consummating a business combination on or before the Extended Date.

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If the Extension Amendment Proposal and the Trust Amendment Proposal are approved and the Extension is implemented the removal of the Withdrawal Amount from the trust account in connection with the Election will reduce the amount held in the trust account following the Election. The Company cannot predict the amount that will remain in the trust account after such withdrawal if the Extension Amendment Proposal and the Trust Amendment Proposal are approved and the amount remaining in the trust account may be only a fraction of the approximately $[*] (including interest but less the funds used to pay taxes) that was in the trust account as of the record date. In such event the Company may still seek to obtain additional funds to complete a business combination and there can be no assurance that such funds will be available on terms acceptable to the parties or at all.

If either the Extension Amendment Proposal or the Trust Amendment Proposal is not approved the Company does not effect the Automatic Extension prior to the end of the Combination Period and the Company has not consummated an initial business combination within the Combination Period the Company will (i) cease all operations except for the purpose of winding up (ii) as promptly as reasonably possible but not more than ten business days thereafter and subject to having lawfully available funds therefor redeem 100% of the outstanding common stock at a per share price payable in cash equal to the aggregate amount then on deposit in the trust account including any interest earned on the trust account deposits (net of taxes payable and after setting aside up to $100000 to pay dissolution expenses) divided by the number of then outstanding common stock which redemption will completely extinguish stockholders’ rights as stockholders (including the right to receive further liquidation distributions if any) subject to applicable law and (iii) as promptly as reasonably possible following such redemption subject to the approval of our remaining stockholders and our Board in accordance with applicable law dissolve and liquidate subject in each case to our obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. The Company and the Sponsor may elect to extend the Combination Period under the current charter from March 14 2023 to June 14 2023 pursuant to the Automatic Extension but are under no obligation to do so. There will be no redemption rights or liquidating distributions with respect to our warrants which will expire worthless if we fail to complete an initial business combination within the Combination Period.

The Adjournment Proposal will be presented at the special meeting only if there are not sufficient votes to approve the Extension Amendment Proposal or the Trust Amendment Proposal.

The initial stockholders have agreed to waive their redemption rights with respect to their shares and common stock in connection with the Extension Amendment Proposal the Trust Amendment Proposal and the Adjournment Proposal.

Why is the Company proposing the Extension Amendment Proposal the Trust Amendment Proposal and the Adjournment Proposal?

The Company’s charter provides for the return of the IPO proceeds held in trust to the holders of shares of common stock sold in the IPO if there is no qualifying business combination(s) consummated within the Combination Period. The Board currently believes that there will not be sufficient time within the Combination Period (even if extended to June 14 2023 pursuant to the Automatic Extension included in our charter) to complete an initial business combination. Accordingly the Company has determined to seek stockholder approval to extend the date by which the Company has to complete the business combination.

The sole purpose of the Extension Amendment Proposal and the Trust Amendment Proposal is to provide the Company with sufficient time to complete a business combination which our Board believes is in the best interest of our stockholders. The Company believes that given the Company’s expenditure of time effort and money on searching for potential business combination opportunities circumstances warrant providing stockholders an opportunity to consider an initial business combination. In the event that we enter into a definitive agreement for an initial business combination prior to the special meeting we will issue a press release and file a Current Report on Form 8-K with the SEC announcing the proposed business combination. The purpose of the Adjournment Proposal is to allow the Company to adjourn the special meeting to a later date or dates if we determine that additional time is necessary to permit further solicitation and vote of proxies in the event that there are insufficient votes to approve the Extension Amendment Proposal or the Trust Amendment Proposal or if we determine that additional time is necessary to effectuate the Extension. Accordingly our Board is proposing the Extension Amendment Proposal and the Trust Amendment Proposal and if necessary the Adjournment Proposal to extend the Company’s corporate existence until the Extended Date.

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You are not being asked to vote on any proposed business combination at this time. If the Extension is implemented and you do not elect to redeem your common stock now you will retain the right to vote on any proposed business combination when and if one is submitted to the stockholders (provided that you are a stockholder on the record date for a meeting to consider a business combination) and the right to redeem your common stock for a pro rata portion of the trust account in the event a proposed business combination is approved and completed or the Company has not consummated a business combination by the Extended Date.

Why should I vote for the Extension Amendment Proposal and the Trust Amendment Proposal?

Our Board believes stockholders will benefit from the Company consummating a business combination and is proposing the Extension Amendment Proposal and the Trust Amendment Proposal to extend the date by which the Company must complete a business combination until the Extended Date. The Extension would give the Company the opportunity to complete a business combination which our Board believes in the best interests of the stockholders.

Our charter provides that if the our stockholders approve an amendment to our charter that would affect the substance or timing of the Company’s obligation to redeem 100% of the Company’s common stock if the Company does not complete a business combination within the Combination Period or any potential extension period the Company will provide our stockholders with the opportunity to redeem all or a portion of their shares of common stock upon such approval at a per share price payable in cash equal to the aggregate amount then on deposit in the trust account as of two business days prior to such approval including any interest earned on the trust account deposits (which interest shall be net of taxes payable) divided by the number of then outstanding common stock. This charter provision was included to protect the Company’s stockholders from having to sustain their investments for an unreasonably long period if the Company failed to find a suitable business combination in the timeframe contemplated by the charter. The Company also believes however that given the Company’s expenditure of time effort and money on pursuing a business combination circumstances warrant providing those who believe they might find a business combination to be an attractive investment with an opportunity to consider such transaction.

Our Board recommends that you vote in favor of both the Extension Amendment Proposal and the Trust Amendment Proposal but expresses no opinion as to whether you should redeem your common stock.

Why should I vote for the Adjournment Proposal?

If the Adjournment Proposal is presented and not approved by our stockholders our Board may not be able to adjourn the special meeting to a later date in the event that there are insufficient votes for or otherwise in connection with the approval of the Extension Amendment Proposal or the Trust Amendment Proposal.

Our Board recommends that you vote in favor of the Adjournment Proposal.

What amount will holders receive upon consummation of a subsequent business combination or liquidation if the Extension Amendment Proposal and the Trust Amendment Proposal are approved?

If the Extension Amendment Proposal and the Trust Amendment Proposal are approved and the Extension Amendment and Trust Amendment become effective in the event that the Company has not consummated a business combination by March 14 2023 (or by June 14 2023 in the event the Automatic Extension is implemented) the Company may by resolution of the Board and without approval of the Company’s public stockholders if requested by the Sponsor and upon five days’ advance notice prior to the applicable Termination Date extend the Termination Date up to twelve times each by one additional month (for a total of up to twelve additional months to complete a business combination) provided that the Sponsor or its designee will for each such monthly extension advance to us as a loan for deposit into the Trust Account an amount equal to the lesser of (a) $75000 or (b) $0.07 for each public share that is not redeemed in connection with the special meeting for an aggregate deposit of up to the lesser of (x) $900000 or (y) $0.84 for each public share that is not redeemed in connection with the special meeting (if all twelve additional monthly extensions are exercised). The advances are conditioned upon the implementation of the Extension Amendment Proposal and the Trust Amendment Proposal and will not occur if either the Extension Amendment Proposal or the Trust Amendment Proposal is not approved or the Extension is not completed. The amount of the advances will not bear interest and will be repayable by the Company to our Sponsor or its designees upon consummation of the business combination. If our Sponsor or its designee advises the Company that it does not intend to make the advances then the Extension Amendment Proposal the Trust Amendment Proposal and the Adjournment Proposal will not be put before the shareholders at the special meeting and we may decide in accordance with our charter to extend the period of time to consummate an initial Business Combination pursuant to the Automatic Extension or to dissolve and liquidate. Our Sponsor or its designees will have the sole discretion whether to continue extending for additional calendar months until the Extended Date and if our Sponsor determines not to continue extending for additional calendar months its obligation to make additional advances will terminate.

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When would the Board abandon the Extension Amendment Proposal or the Trust Amendment Proposal?

Our Board will abandon the Extension Amendment or the Trust Amendment if our stockholders do not approve the Extension Amendment Proposal or the Trust Amendment Proposal. In addition notwithstanding stockholder approval of the Extension Amendment Proposal or the Trust Amendment Proposal our Board will retain the right to abandon and not implement the Extension Amendment or the Trust Amendment at any time without any further action by our stockholders.

How do the Company insiders intend to vote their shares?

The initial stockholders and their respective affiliates are expected to vote any common stock over which they have voting control (including any common stock owned by them) in favor of both of the proposals.

The initial stockholders are not entitled to redeem the shares or any common stock held by them. On the record date the initial stockholders beneficially owned and were entitled to vote [*] shares which represents [*]% of the Company’s issued and outstanding common stock.

In addition the Company and the Company’s initial stockholders or any of their respective affiliates may purchase common stock in privately negotiated transactions or in the open market prior to or following the special meeting although they are under no obligation to do so. Such common stock purchased by the Company or our Sponsor would be (a) purchased at a price no higher than the redemption price for the common stock which is estimated to be $10.[*] per share as of the record date or (b) would not be (i) voted by the initial stockholders or their respective affiliates at the special meeting and (ii) redeemable by the initial stockholders or their respective affiliates. Any such purchases that are completed after the record date for the special meeting may include an agreement with a selling stockholder that such stockholder for so long as it remains the record holder of the shares in question will vote in favor of the Extension Amendment Proposal and the Trust Amendment Proposal and/or will not exercise its redemption rights with respect to the shares so purchased. The purpose of such share purchases and other transactions would be to increase the likelihood that the proposals to be voted upon at the special meeting are approved by the requisite number of votes and to reduce the number of common stock that are redeemed. In the event that such purchases do occur the purchasers may seek to purchase shares from stockholders who would otherwise have voted against the Extension Amendment Proposal or the Trust Amendment Proposal and elected to redeem their shares for a portion of the trust account. Any such privately negotiated purchases may be effected at purchase prices that are below or in excess of the per share pro rata portion of the trust account. Any common stock held by or subsequently purchased by our affiliates may be voted in favor of the Extension Amendment Proposal or the Trust Amendment Proposal. None of the initial stockholders advisors or their respective affiliates may make any such purchases when they are in possession of any material non-public information not disclosed to the seller or during a restricted period under Regulation M under the Securities Exchange Act of 1934 as amended (the “Exchange Act”).

Does the Board recommend voting for the approval of the Extension Amendment Proposal and the Trust Amendment Proposal and if presented the Adjournment Proposal?

Yes. After careful consideration of the terms and conditions of the proposals the Board has determined that the Extension Amendment Proposal and the Trust Amendment Proposal and if presented the Adjournment Proposal are in the best interests of the Company and its stockholders. The Board unanimously recommends that stockholders vote “FOR” both the Extension Amendment Proposal and the Trust Amendment Proposal and if presented the Adjournment Proposal.

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What vote is required to adopt the Extension Amendment Proposal and the Trust Amendment Proposal?

Approval of the Extension Amendment Proposal and the Trust Amendment Proposal will require the affirmative vote of holders of 65% of the Company’s outstanding common stock including those shares held as a constituent part of our units on the record date.

If the Extension Amendment Proposal and the Trust Amendment Proposal are approved any holder of common stock may redeem all or a portion of their common stock at a per share price payable in cash equal to the aggregate amount then on deposit in the trust account as of two business days prior to such approval including any interest earned on the trust account deposits (which interest shall be net of taxes payable) divided by the number of then outstanding common stock. However the Company may not redeem our common stock in an amount that would cause our net tangible assets to be less than $5000001.

What vote is required to adopt the Adjournment Proposal?

If presented the Adjournment Proposal requires the affirmative vote of the majority of the votes cast by stockholders represented in person (including virtually) or by proxy at the special meeting.

What happens if I sell my common stock or units before the special meeting?

The [*] 2023 record date is earlier than the date of the special meeting. If you transfer your common stock including those shares held as a constituent part of our units after the record date but before the special meeting unless the transferee obtains from you a proxy to vote those shares you will retain your right to vote at the special meeting. If you transfer your common stock prior to the record date you will have no right to vote those shares at the special meeting. If you acquire your common stock after the record date you will still have an opportunity to redeem them if you so decide.

What if I don’t want to vote for the Extension Amendment Proposal the Trust Amendment Proposal and/or the Adjournment Proposal?

If you do not want the Extension Amendment Proposal or the Trust Amendment Proposal to be approved you must abstain not vote or vote against the proposal. If the Extension Amendment Proposal and the Trust Amendment Proposal are approved and the Extension is implemented then the Withdrawal Amount will be withdrawn from the trust account and paid to the redeeming holders.

If you do not want the Adjournment Proposal to be approved you must vote against the proposal. Abstentions will be counted in connection with the determination of whether a valid quorum is established but will have no effect on the outcome of the Adjournment Proposal.

Will you seek any further extensions to liquidate the trust account?

Other than the extension until the Extended Date as described in this proxy statement the Company does not currently anticipate seeking any further extension to consummate its initial business combination although it may determine to do so in the future.

What happens if either the Extension Amendment Proposal or the Trust Amendment Proposal is not approved?

If either the Extension Amendment Proposal or the Trust Amendment Proposal is not approved the Company does not effect the Automatic Extension prior to the end of the Combination Period and the Company has not consummated an initial business combination within the Combination Period the Company will (i) cease all operations except for the purpose of winding up (ii) as promptly as reasonably possible but not more than ten business days thereafter and subject to having lawfully available funds therefor redeem 100% of the outstanding common stock at a per share price payable in cash equal to the aggregate amount then on deposit in the trust account including any interest earned on the trust account deposits (which interest shall be net of taxes payable and after setting aside up to $100000 to pay dissolution expenses) divided by the number of then outstanding common stock which redemption will completely extinguish stockholders’ rights as stockholders (including the right to receive further liquidation distributions if any) subject to applicable law and (iii) as promptly as reasonably possible following such redemption subject to the approval of our remaining stockholders and our Board in accordance with applicable law dissolve and liquidate subject in each case to our obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. The Company and the Sponsor may elect to extend the Combination Period under the current charter from March 14 2023 to June 14 2023 pursuant to the Automatic Extension but are under no obligation to do so. There will be no redemption rights or liquidating distributions with respect to our warrants which will expire worthless if we fail to complete an initial business combination within the Combination Period.

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The initial stockholders have agreed to waive their redemption rights with respect to their shares and common stock in connection with a stockholder vote to approve an amendment to the charter. There will be no distribution from the trust account with respect to our warrants which will expire worthless in the event we wind up.

If the Extension Amendment Proposal and the Trust Amendment Proposal are approved what happens next?

If the Extension Amendment Proposal and the Trust Amendment Proposal are approved the Company will continue to attempt to consummate an initial business combination until the Extended Date.

If the Extension Amendment Proposal and the Trust Amendment Proposal are approved the Company will file an amendment to the charter with the Secretary of State of the State of Delaware in the form of Annex A hereto and the Company will enter into an amendment to the Trust Agreement in the form of Annex B hereto. The Company will remain a reporting company under the Exchange Act and its units common stock and public warrants will remain publicly traded.

If the Extension Amendment Proposal and the Trust Amendment Proposal are approved the removal of the Withdrawal Amount from the trust account will reduce the amount remaining in the trust account and increase the percentage interest of the Company’s common stock held by our initial stockholders through the shares.

If I do not redeem my shares now would I still be able to vote on an initial business combination and exercise my redemption rights with respect to an initial business combination?

Yes. If you do not redeem your shares in connection with the Extension Amendment Proposal and the Trust Amendment Proposal then assuming you are a stockholder as of the record date for voting on a business combination you will be able to vote on the business combination when it is submitted to stockholders. You will also retain your right to redeem your common stock upon consummation of a business combination subject to any limitations set forth in the charter as amended.

When and where is the special meeting?

The special meeting will be held at [*] Eastern Time on [*] 2023 in virtual format. The Company’s stockholders may attend vote and examine the list of stockholders entitled to vote at the special meeting by visiting [*] and entering the control number found on their proxy card voting instruction form or notice included in their proxy materials. You may also attend the special meeting telephonically by dialing [*] (toll-free within the United States and Canada) or [*] (outside of the United States and Canada standard rates apply). The pin number for telephone access is [*] but please note that you will not be able to vote or ask questions if you choose to participate telephonically. In light of public health concerns regarding the COVID-19 pandemic the special meeting will be held in virtual meeting format only. You will not be able to attend the special meeting physically.

How do I attend the virtual special meeting and will I be able to ask questions?

If you are a registered stockholder you received a proxy card from the Company’s transfer agent Continental Stock Transfer & Trust Company (“transfer agent”). The form contains instructions on how to attend the virtual annual meeting including the URL address along with your control number. You will need your control number for access. If you do not have your control number contact the transfer agent at the phone number or e-mail address below. The transfer agent support contact information is as follows: (917) 262-2373 or email proxy@continentalstock.com.

You can pre-register to attend the virtual meeting starting [*] at [*] Eastern Time (five business days prior to the special meeting date). Enter the URL address into your browser at [*] enter your control number name and email address. Once you pre-register you can vote or enter questions in the chat box. At the start of the special meeting you will need to re-log in using your control number and will also be prompted to enter your control number if you vote during the special meeting.

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Beneficial holders who own their investments through a bank or broker will need to contact the transfer agent to receive a control number. If you plan to vote at the special meeting you will need to have a legal proxy from your bank or broker or if you would like to join and not vote the transfer agent will issue you a guest

 control number with proof of ownership. Either way you must contact the transfer agent for specific instructions on how to receive the control number. We can be contacted at the number or email address above. Please allow up to 72 hours prior to the special meeting for processing your control number.

If you do not have internet capabilities you can listen only to the special meeting by dialing [*] within the U.S. and Canada or [*] (standard rates apply) outside the U.S. and Canada; when prompted enter the pin number [*]. This is listen only you will not be able to vote or enter questions during the special meeting.

How do I vote?

If you are a holder of record of Company common stock including those shares held as a constituent part of our units you may vote virtually at the special meeting or by submitting a proxy for the special meeting. Whether or not you plan to attend the special meeting virtually the Company urges you to vote by proxy to ensure your vote is counted. You may submit your proxy by completing signing dating and returning the enclosed proxy card in the accompanying pre-addressed postage paid envelope. You may still attend the special meeting and vote virtually if you have already voted by proxy.

If your shares of Company common stock including those shares held as a constituent part of our units are held in “street name” by a broker or other agent you have the right to direct your broker or other agent on how to vote the shares in your account. You are also invited to attend the special meeting. However since you are not the stockholder of record you may not vote your shares virtually at the special meeting unless you request and obtain a valid proxy from your broker or other agent.

How do I change my vote?

If you have submitted a proxy to vote your shares and wish to change your vote you may do so by delivering a later-dated signed proxy card prior to the date of the special meeting or by voting virtually at the special meeting. Attendance at the special meeting alone will not change your vote. You also may revoke your proxy by sending a notice of revocation to the Company at 8265 West Sunset Blvd. Suite #107 West Hollywood CA 90046 Attn: Douglas Davis. However if your shares are held in “street name” by your broker bank or another nominee you must contact your broker bank or other nominee to change your vote.

How are votes counted?

Votes will be counted by the inspector of election appointed for the special meeting who will separately count “FOR” and “AGAINST” votes abstentions and broker non-votes for the Extension Amendment Proposal and the Trust Amendment Proposal. Because approval of the Extension Amendment Proposal and the Trust Amendment Proposal requires the affirmative vote of the stockholders holding at least 65% of the shares of common stock outstanding on the record date abstentions and broker non-votes will have the same effect as votes against the Extension Amendment Proposal and the Trust Amendment Proposal.

Approval of the Adjournment Proposal requires the affirmative vote of the majority of the votes cast by stockholders represented in person (including virtually) or by proxy at the special meeting. Abstentions will be counted in connection with the determination of whether a valid quorum is established but will have no effect on the outcome of the Adjournment Proposal. Since the Adjournment Proposal is considered a routine matter brokers shall be entitled to vote on the Adjournment Proposal absent voting instructions and thus there should be no broker non-votes with respect to the Adjournment Proposal.

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If my shares are held in “street name” will my broker automatically vote them for me?

No. Under the rules governing banks and brokers who submit a proxy card with respect to shares held in street name such banks and brokers have the discretion to vote on routine matters but not on non-routine matters. The approval of the Extension Amendment Proposal and the Trust Amendment Proposal is a non-routine matter while the Adjournment Proposal if presented will be considered a routine matter.

For non-routine matters such as the Extension Amendment Proposal and the Trust Amendment Proposal your broker can vote your shares only if you provide instructions on how to vote. You should instruct your broker to vote your shares. Your broker can tell you how to provide these instructions. If you do not give your broker instructions your shares will be treated as broker non-votes with respect to the Extension Amendment Proposal and the Trust Amendment Proposal. Broker non-votes will have the same effect as a vote AGAINST the Extension Amendment Proposal and the Trust Amendment Proposal; however since the Adjournment Proposal is considered a routine matter brokers shall be entitled to vote on the Adjournment Proposal absent voting instructions and thus there should be no broker non-votes with respect to the Adjournment Proposal.

What is a quorum requirement?

A quorum of stockholders is necessary to hold a valid meeting. A quorum will be present if at least a majority of the outstanding shares of common stock on the record date including those shares held as a constituent part of our units are represented virtually or by proxy at the special meeting.

Your shares will be counted towards the quorum only if you submit a valid proxy (or one is submitted on your behalf by your broker bank or other nominee) or if you vote virtually at the special meeting. Abstentions and broker non-votes will be counted towards the quorum requirement. If there is no quorum the presiding officer of the special meeting may adjourn the special meeting to another date.

Who can vote at the special meeting?

Only holders of record of the Company’s common stock including those shares held as a constituent part of our units at the close of business on [*] 2023 are entitled to have their vote counted at the special meeting and any adjournments or postponements thereof. As of the record date [9424000] common stock of common stock were outstanding and entitled to vote.

Stockholder of Record: Shares Registered in Your Name. If on the record date your shares or units were registered directly in your name with the Company’s transfer agent Continental Stock Transfer & Trust Company then you are a stockholder of record. As a stockholder of record you may vote virtually at the special meeting or vote by proxy. Whether or not you plan to attend the special meeting virtually the Company urges you to fill out and return the enclosed proxy card to ensure your vote is counted.

Beneficial Owner: Shares Registered in the Name of a Broker or Bank. If on the record date your shares or units were held not in your name but rather in an account at a brokerage firm bank dealer or other similar organization then you are the beneficial owner of shares held in “street name” and these proxy materials are being forwarded to you by that organization. As a beneficial owner you have the right to direct your broker or other agent on how to vote the shares in your account. You are also invited to attend the special meeting virtually. However since you are not the stockholder of record you may not vote your shares virtually at the special meeting unless you request and obtain a valid proxy from your broker or other agent.

What interests do the Company’s directors and executive officers have in the approval of the Extension Amendment Proposal and the Trust Amendment Proposal?

The Company’s directors and executive officers have interests in the Extension Amendment Proposal and the Trust Amendment Proposal that may be different from or in addition to your interests as a stockholder. These interests include ownership by them or their affiliates of shares and warrants that may become exercisable in the future loans by them that will not be repaid in the event of our winding up and the possibility of future compensatory arrangements. See the section entitled “The Extension Amendment Proposal and the Trust Amendment Proposal — Interests of the Company’s Directors and Officers.”

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Who is the Company’s Sponsor?

On October 20, 2022 pursuant to a Securities Purchase Agreement Instant Fame LLC, a Nevada limited liability company, acquired an aggregate of 385,000 shares of common stock of the Company from Bannix Management LLP, Balaji Venugopal, Bhat Nicholas Hellyer, Subbanarasimhaiah Arun, Vishant Vora and Suresh Yezhuvath and 90,000 private placement units from Suresh Yezhuvath (collectively the “Sellers”) in a private transaction. The Sellers immediately loaned the entire proceeds to the Company for the working capital requirements of the Company. This loan will be forfeited by the Sellers upon liquidation or business combination. In connection with this transaction all parties agreed that there will be certain changes to the Board of Directors. As a result of the above Subash Menon resigned as Chief Executive Officer of the Company and Nicholas Hellyer resigned as Chief Financial Officer Secretary and Head of Strategy. Douglas Davis was appointed as the Chief Executive Officer of the Company. Further Balaji Venugopal Bhat Subbanarasimhaiah Arun and Vishant Vora resigned as Directors of the Company. Mr. Bhat Mr. Arun and Mr. Vora served on the Audit Committee with Mr. Bhat serving as the committee chair. Mr. Bhat Mr. Arun and Mr. Vora served on the Compensation Committee with Mr. Arun serving as the committee chair. The Board was also increased from two to seven and Craig Marshak and Douglas Davis were appointed as Co-Chairmen of the Board of Directors effective immediately. Further, Jamal Khurshid, Eric T. Shuss and Ned L. Siegel were appointed to the Board of Directors of the Company effective ten days after the mailing of a Schedule 14f Information Statement. The resignations referenced above were not the result of any disagreement with management or the Board. On November 10, 2022 Sudeesh Yezhuvath resigned as a director of Bannix Acquisition Corp. for personal reasons. The resignation was not the result of any disagreements with management or the Board.

The original sponsor is Bannix Management LLP a Delaware limited liability partnership. The original sponsor currently owns zero shares of common stock and zero Private Placement Units. Instant Fame LLC, a Nevada limited liability company and our current sponsor, currently owns 385,000 shares of common stock and 90,000 Private Placement Units. Douglas Davis our CEO and director has voting and dipositive power over the shares of common stock held by the Instant Fame LLC.

What if I object to the Extension Amendment Proposal the Trust Amendment Proposal and/or the Adjournment Proposal? Do I have appraisal rights?

Stockholders do not have appraisal rights in connection with either the Extension Amendment Proposal or the Trust Amendment Proposal or if presented the Adjournment Proposal under the DGCL.

What happens to the Company’s warrants if either the Extension Amendment Proposal or the Trust Amendment Proposal is not approved?

If either the Extension Amendment Proposal or the Trust Amendment Proposal is not approved the Company does not effect the Automatic Extension prior to the end of the Combination Period and the Company has not consummated an initial business combination within the Combination Period the Company will (i) cease all operations except for the purpose of winding up (ii) as promptly as reasonably possible but not more than ten business days thereafter and subject to having lawfully available funds therefor redeem 100% of the outstanding common stock at a per share price payable in cash equal to the aggregate amount then on deposit in the trust account including any interest income earned on the trust account (which interest shall be net of taxes payable and after setting aside up to $100000 to pay dissolution expenses) divided by the number of then outstanding common stock which redemption will completely extinguish stockholders’ rights as stockholders (including the right to receive further liquidation distributions if any) subject to applicable law and (iii) as promptly as reasonably possible following such redemption subject to the approval of our remaining stockholders and our Board in accordance with applicable law dissolve and liquidate subject in each case to our obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. The Company and the Sponsor may elect to extend the Combination Period under the current charter from March 14 2023 to June 14 2023 pursuant to the Automatic Extension but are under no obligation to do so. There will be no distribution from the trust account with respect to our warrants which will expire worthless in the event the Company winds up.

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What happens to the Company warrants if the Extension Amendment Proposal and the Trust Amendment Proposal are approved?

If the Extension Amendment Proposal and the Trust Amendment Proposal are approved the Company will continue its efforts to consummate a business combination until the Extended Date and will retain the blank check company restrictions previously applicable to it. The warrants will remain outstanding in accordance with their terms.

How do I redeem my common stock?

If the Extension is implemented each public stockholder may seek to redeem all or a portion of his or her common stock at a per share price payable in cash equal to the aggregate amount then on deposit in the trust account as of two business days prior to the approval of the Extension including any interest earned on the trust account deposits (which interest shall be net of taxes payable) divided by the number of then outstanding common stock. You will also be able to redeem your common stock in connection with any stockholder vote to approve a business combination or if the Company has not consummated a business combination by the Extended Date.

Pursuant to our charter a public stockholder may request that the Company redeem all or a portion of such public stockholder’s common stock for cash if the Extension Amendment Proposal and the Trust Amendment Proposal are approved. You will be entitled to receive cash for any common stock to be redeemed only if you:

(i).

(a) hold common stock or (b) hold common stock through units and you elect to separate your units into the underlying common stock and public warrants prior to exercising your redemption rights with respect to the common stock; and

(ii).

prior to 5:00 p.m. Eastern Time on [*] 2023 (two business days prior to the scheduled vote at the special meeting) (a) submit a written request including the name phone number and address of the beneficial owner of the shares for which redemption is requested to Continental Stock Transfer & Trust Company the Company’s transfer agent at Continental Stock Transfer & Trust Company 1 State Street 30th Floor New York New York 10004 Attn: Mark Zimkind that the Company redeem your common stock for cash and (b) deliver your common stock to the transfer agent physically or electronically through The Depository Trust Company (“DTC”).

Holders of units must elect to separate the underlying common stock and public warrants prior to exercising redemption rights with respect to the common stock. If holders hold their units in an account at a brokerage firm or bank holders must notify their broker or bank that they elect to separate the units into the underlying common stock and public warrants or if a holder holds units registered in its own name the holder must contact the transfer agent directly and instruct it to do so. Stockholders may elect to redeem all or a portion of their common stock regardless of whether they vote for or against the Extension Amendment Proposal or the Trust Amendment Proposal and regardless of whether they hold common stock on the record date.

If you hold your shares through a bank or broker you must ensure your bank or broker complies with the requirements identified herein including submitting a written request that your shares be redeemed for cash to the transfer agent and delivering your shares to the transfer agent prior to 5:00 p.m. Eastern Time on [*] 2023 (two business days before the scheduled vote at the special meeting). You will only be entitled to receive cash in connection with a redemption of these shares if you continue to hold them until the effective date of the Extension Amendment the Trust Amendment and Election.

Through DTC’s DWAC (Deposit/Withdrawal at Custodian) System this electronic delivery process can be accomplished by the stockholder whether or not it is a record holder or its shares are held in “street name” by contacting the transfer agent or its broker and requesting delivery of its shares through the DWAC system. Delivering shares physically may take significantly longer. In order to obtain a physical stock certificate a stockholder’s broker and/or clearing broker DTC and the Company’s transfer agent will need to act together to facilitate this request. There is a nominal cost associated with the above-referenced tendering process and the act of certificating the shares or delivering them through the DWAC system. The transfer agent will typically charge the tendering broker $100 and the broker would determine whether or not to pass this cost on to the redeeming holder. It is the Company’s understanding that stockholders should generally allot at least two weeks to obtain physical certificates from the transfer agent. The Company does not have any control over this process or over the brokers or DTC and it may take longer than two weeks to obtain a physical stock certificate. Such stockholders will have less time to make their investment decision than those stockholders that deliver their shares through the DWAC system. Stockholders who request physical stock certificates and wish to redeem may be unable to meet the deadline for tendering their shares before exercising their redemption rights and thus will be unable to redeem their shares.

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Certificates that have not been tendered in accordance with these procedures prior to the vote on the Extension Amendment Proposal and the Trust Amendment Proposal will not be redeemed for cash held in the trust account. In the event that a public stockholder tenders its shares and decides prior to the vote at the special meeting that it does not want to redeem its shares the stockholder may withdraw the tender. If you delivered your shares for redemption to our transfer agent and decide prior to the vote at the special meeting not to redeem your common stock you may request that our transfer agent return the shares (physically or electronically). You may make such request by contacting our transfer agent at the address listed above. In the event that a public stockholder tenders shares and either the Extension Amendment Proposal or the Trust Amendment Proposal is not approved these shares will not be redeemed and the physical certificates representing these shares will be returned to the stockholder promptly following the determination that either the Extension Amendment Proposal or the Trust Amendment Proposal will not be approved. The Company anticipates that a public stockholder who tenders shares for redemption in connection with the vote to approve the Extension would receive payment of the redemption price for such shares soon after the completion of the Extension Amendment and the Trust Amendment. The transfer agent will hold the certificates of stockholders that make the election until such shares are redeemed for cash or returned to such stockholders.

If I am a unit holder can I exercise redemption rights with respect to my units?

No. Holders of outstanding units must separate the underlying common stock and public warrants (as defined below) prior to exercising redemption rights with respect to the common stock.

If you hold units registered in your own name you must deliver the certificate for such units to Continental Stock Transfer & Trust Company our transfer agent with written instructions to separate such units into common stock and public warrants. This must be completed far enough in advance to permit the mailing of the public share certificates back to you so that you may then exercise your redemption rights upon the separation of the common stock from the units. See “How do I redeem my common stock?” above.

Will the Company be subject to the new 1% U.S. federal excise tax that could be imposed in connection with redemptions of common stock?

On August 16 2022 the Inflation Reduction Act of 2022 (the “IRA”) was signed into federal law. The IRA provides for among other things a new U.S. federal 1% excise tax on certain repurchases including redemptions of stock by publicly traded domestic corporations and certain domestic subsidiaries of publicly traded foreign corporations after December 31 2022. Because we are a Delaware corporation and our securities are trading on Nasdaq we are a “covered corporation” for this purpose. The excise tax is imposed on the repurchasing corporation itself not its stockholders from which shares are repurchased. The amount of the excise tax is generally 1% of the fair market value of the shares repurchased at the time of the repurchase. However for purposes of calculating the excise tax repurchasing corporations are permitted to net the fair market value of certain new stock issuances against the fair market value of stock repurchases during the same taxable year. In addition certain exceptions apply to the excise tax. The U.S. Department of the Treasury has been given authority to provide regulations and other guidance to carry out and prevent the avoidance of the excise tax.

On December 27 2022 the U.S. Department of the Treasury issued Notice 2023-2 (the “Notice”) as interim guidance until publication of forthcoming proposed regulations on the excise tax on stock buybacks. Although the guidance in the Notice does not constitute proposed or final Treasury regulations but a notice of proposed regulations Treasury intends to issue in the future taxpayers may rely upon the guidance provided in the Notice until the issuance of the forthcoming proposed regulations and certain of the forthcoming proposed regulations would (if issued) apply retroactively. The Notice generally provides that if a covered corporation completely liquidates and dissolves distributions in such complete liquidation and other distributions by such covered corporation in the same taxable year in which the final distribution in complete liquidation and dissolution is made are not subject to the excise tax.

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As described under the section of this proxy statement entitled “The Extension Amendment Proposal and the Trust Amendment Proposal — Redemption Rights” if the Extension Amendment Proposal and the Trust Amendment Proposal are approved and if the Extension is implemented stockholders will have the right to require us to redeem their common stock. Because any such redemptions will occur after December 31 2022 such redemptions may be subject to the excise tax. Whether and to what extent we would be subject to the excise tax in connection with any such redemptions would depend on a number of factors including (i) the fair market value of the redemptions and repurchases in connection with the Extension Amendment Proposal and the Trust Amendment Proposal together with any other redemptions or repurchases we consummate in the same taxable year (ii) the structure of the business combination and the taxable year in which it occurs (iii) the nature and amount of any “PIPE” or other equity issuances in connection with the business combination or otherwise issued within the same taxable year (iv) whether we completely liquidate and dissolve within the taxable year of such redemptions and (v) the content of final and proposed regulations and further guidance from the U.S. Department of the Treasury. The foregoing could cause a reduction in the cash available on hand to complete a business combination and our ability to complete a business combination. In addition the specific mechanics of any required payment of the excise tax have not been determined.

As described under the section of this proxy statement entitled “The Extension Amendment Proposal and the Trust Amendment Proposal — If Either the Extension Amendment Proposal or the Trust Amendment Proposal is Not Approved” if the Extension Amendment Proposal or Trust Amendment Proposal is not approved and we have not consummated a business combination by March 14 2023 (or if we and the Sponsor elect the Automatic Extension June 14 2023) we will redeem the common stock in a liquidating distribution. We do not expect such redemption in connection with the liquidating distribution to be subject to the excise tax under the Notice however such expectation is subject to a number of factual and legal uncertainties including further guidance from the U.S. Department of the Treasury.

What should I do if I receive more than one set of voting materials?

You may receive more than one set of voting materials including multiple copies of this proxy statement and multiple proxy cards or voting instruction cards if your shares are registered in more than one name or are registered in different accounts. For example if you hold your shares in more than one brokerage account you will receive a separate voting instruction card for each brokerage account in which you hold shares. Please complete sign date and return each proxy card and voting instruction card that you receive in order to cast a vote with respect to all of your shares of common stock.

Who is paying for this proxy solicitation?

The Company will pay for the entire cost of soliciting proxies. The Company has engaged [*] (“[*]”) to assist in the solicitation of proxies for the special meeting. The Company has agreed to pay [*] a fee of $[*]. The Company will also reimburse [*] for reasonable and customary out-of-pocket expenses. In addition to these mailed proxy materials our directors and executive officers may also solicit proxies in person by telephone or by other means of communication. These parties will not be paid any additional compensation for soliciting proxies. The Company may also reimburse brokerage firms banks and other agents for the cost of forwarding proxy materials to beneficial owners.

Where do I find the voting results of the special meeting?

We will announce preliminary voting results at the special meeting. The final voting results will be tallied by the inspector of election and published in the Company’s Current Report on Form 8-K which the Company is required to file with the SEC within four business days following the special meeting.

Who can help answer my questions?

If you have questions about the proposals or if you need additional copies of the proxy statement or the enclosed proxy card you should contact:

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Bannix Acquisition Corp.

8265 West Sunset Blvd., Suite #107

West Hollywood, CA 90046

Attn: Douglas Davis

Email: [*]

You may also contact the Company’s proxy solicitor at:

[*]

Tel: [*]

Email: [*]

You may also obtain additional information about the Company from documents filed with the SEC by following the instructions in the section entitled “Where You Can Find More Information.”

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RISK FACTORS

In addition to the below risk factor, you should consider carefully all of the risks described in our Annual Report on Form 10-K, filed with the SEC on March 18, 2022, as amended on November 3, 2022, any subsequent Quarterly Reports on Form 10-Q filed with the SEC and in the other reports we file with the SEC before making a decision to invest in our securities. The risks and uncertainties described in the aforementioned filings and below are not the only ones we face. Additional risks and uncertainties that we are unaware of, or that we currently believe are not material, may also become important factors that adversely affect our business, financial condition and operating results or result in our liquidation.

If we were deemed to be an investment company for purposes of the Investment Company Act, we may be forced to abandon our efforts to consummate an initial business combination and instead be required to liquidate the Company. To avoid that result, if the Extension Amendment Proposal and the Trust Amendment Proposal is approved such that the Extension is implemented, on or shortly prior to the 24-month anniversary of the closing of the Company’s IPO, we will liquidate securities held in the Trust Account and instead hold all funds in the Trust Account in cash. As a result, following such liquidation, we will likely receive minimal interest, if any, on the funds held in the Trust Account, which would reduce the dollar amount that our public stockholders would receive upon any redemption or liquidation of the Company.

On March 30, 2022, the SEC issued proposed rules relating, among other things, to circumstances in which SPACs such as us could potentially be subject to the Investment Company Act and the regulations thereunder. The SPAC Rule Proposals would provide a safe harbor for such companies from the definition of “investment company” under Section 3(a)(1)(A) of the Investment Company Act, provided that a SPAC satisfies certain criteria. To comply with the duration limitation of the proposed safe harbor, a SPAC would have a limited time period to announce and complete a de-SPAC transaction. Specifically, to comply with the safe harbor, the SPAC Rule Proposals would require a SPAC to file a report on Form 8-K announcing that it has entered into an agreement with a target company for an initial business combination no later than 18 months after the closing of the Company’s IPO. Such SPAC would then be required to complete its initial business combination no later than 24 months after the closing of the Company’s IPO.

The SPAC Rule Proposals have not yet been adopted, and may be adopted in the proposed form or in a different form that could impose additional regulatory requirements on SPACs.  If we are deemed to be an investment company and subject to compliance with and regulation under the Investment Company Act, we would be subject to additional regulatory burdens and expenses for which we have not allotted funds. We have not yet entered into a definitive business combination agreement, and we can provide no assurances that we can consummate our initial business combination within 24 months of such date. As a result, unless we are able to modify our activities so that we would not be deemed an investment company, we may be deemed to have been operating as an unregistered investment company. If we were deemed to be an investment company for purposes of the Investment Company Act, we might be forced to abandon our efforts to consummate an initial business combination and instead be required to liquidate. If we are required to liquidate, our investors would not be able to realize the benefits of owning shares in a successor operating business, including the potential appreciation in the value of our shares, warrants and rights following such a transaction, and our rights and warrants would expire worthless.

The funds in the Trust Account have, since our IPO, been held only in U.S. government securities within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, with a maturity of 185 days or less, or in an open-ended investment company that holds itself out as a money market fund meeting certain conditions of Rule 2a-7 of the Investment Company Act of 1940, as determined by the Company. However, to mitigate the risk of us being deemed to have been operating as an unregistered investment company (including under the subjective test of Section 3(a)(1)(A) of the Investment Company Act of 1940, as amended), we will, on or shortly prior to the 24 month anniversary of the e closing of the Company’s IPO, instruct Continental Stock Transfer & Trust Company, the trustee with respect to the Trust Account, to liquidate the U.S. government securities or money market funds held in the Trust Account and thereafter to hold all funds in the Trust Account in cash until the earlier of consummation of our initial business combination or liquidation. As a result, following such liquidation, we will likely receive minimal interest, if any, on the funds held in the Trust Account, which would reduce the dollar amount our public stockholders would receive upon any redemption or liquidation of the Company.

In addition, even prior to the 24-month anniversary of the closing of the Company’s IPO, we may be deemed to be an investment company. The longer that the funds in the Trust Account are held in short-term U.S. government securities or in money market funds invested exclusively in such securities, even prior to the 24-month anniversary, there is a greater risk that we may be considered an unregistered investment company, in which case we may be required to liquidate. Accordingly, we may determine, in our discretion, to liquidate the securities held in the Trust Account at any time, even prior to the 24-month anniversary, and instead hold all funds in the Trust Account in cash, which would further reduce the dollar amount our public stockholders would receive upon any redemption or liquidation.

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THE SPECIAL MEETING

Date, Time, Place and Purpose of the Special Meeting

The special meeting will be held at [*] Eastern Time, on [*], 2023. The special meeting will be held virtually, at [*]. At the special meeting, the stockholders will consider and vote upon the following proposals.

1. Extension Amendment Proposal: A proposal to amend our charter to extend the date by which the Company must consummate a business combination from March 14, 2023 (the date that is 18 months from the closing date of the IPO to March 14, 2024 (the date that is 30 months from the closing date of the IPO) or June 14, 2024 (the date that is 33 months from the closing date of the IPO, which assumes the Automatic Extension is implemented) by allowing the Company, without another stockholder vote, to elect to extend the Termination Date to consummate a business combination on a monthly basis up to twelve times by an additional one month each time after the Extended Date, by resolution of the Board), if requested by the Sponsor, and upon five days’ advance notice prior to the applicable Termination Date, until March 14, 2024 or June 14, 2024 in the event the Automatic Extension has been implemented or a total of up to fifteen months after the original Termination Date (or eighteen months after the original Terminate Date assuming the Automatic Extension is implemented), unless the closing of a Business Combination shall have occurred prior thereto.

2. Trust Amendment Proposal: A proposal to amend the Trust Agreement by and between the Company and the Trustee, allowing the Company in the event that the Company has not consummated a business combination by the Extended Date, to extend, by resolution of the Board and without approval of the Company’s stockholders, the Termination Date up to twelve times, each by one additional month (for a total of up to twelve additional months), by depositing into the Trust Account, for each such monthly extension, an amount equal to the lesser of (x) $75,000 and (y) $0.07 for each share that is not redeemed in connection with the special meeting.

3. Adjournment Proposal: A proposal to approve the adjournment of the special meeting to a later date or dates, if necessary, to permit further solicitation and vote of proxies in the event that there are insufficient votes to approve the Extension Amendment Proposal or the Trust Amendment Proposal, or if we determine that additional time is necessary to effectuate the Extension.

Voting Power; Record Date

You will be entitled to vote or direct votes to be cast at the special meeting if you owned our common stock, including as a constituent part of a unit, at the close of business on [*], 2023, the record date for the special meeting. You will have one vote per share for each share of common stock you owned at that time. Our warrants do not carry voting rights.

At the close of business on the record date, there were [*] outstanding shares of common stock, each of which entitles its holder to cast one vote per share. The warrants do not carry voting rights.

Votes Required

Approval of the Extension Amendment Proposal and the Trust Amendment Proposal will require the affirmative vote of holders of 65% of the Company’s common stock, outstanding on the record date.

Approval of the Adjournment Proposal requires the affirmative vote of the majority of the votes cast by stockholders represented in person (including virtually) or by proxy at the special meeting.

If you do not vote (i.e., you “abstain” from voting), your action will have the same effect as an “AGAINST” vote with regards to the Extension Amendment Proposal and the Trust Amendment Proposal. Abstentions will be counted in connection with the determination of whether a valid quorum is established but will have no effect on the outcome of the Adjournment Proposal. Broker non-votes will have the same effect as “AGAINST” votes with respect to the Extension Amendment Proposal and the Trust Amendment Proposal; however, since the Adjournment Proposal is considered a routine matter, brokers shall be entitled to vote on the Adjournment Proposal absent voting instructions, and thus there should be no broker non-votes with respect to the Adjournment Proposal.

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If you do not want the Extension Amendment Proposal or the Trust Amendment Proposal to be approved, you must abstain, not vote, or vote against the proposal. The Company anticipates that a public stockholder who tenders shares for redemption in connection with the vote to approve the Extension Amendment Proposal and the Trust Amendment Proposal would receive payment of the redemption price for such shares soon after the completion of the Extension Amendment and the Trust Amendment.

If you do not want the Adjournment Proposal to be approved, you must vote against the proposal. Abstentions will be counted in connection with the determination of whether a valid quorum is established but will have no effect on the outcome of the Adjournment Proposal. Since the Adjournment Proposal is considered a routine matter, brokers shall be entitled to vote on the Adjournment Proposal absent voting instructions, and thus there should be no broker non-votes with respect to the Adjournment Proposal.

Voting

You can vote your shares at the special meeting by proxy or virtually.

You can vote by proxy by having one or more individuals who will be at the special meeting vote your shares for you. These individuals are called “proxies” and using them to cast your vote at the special meeting is called voting “by proxy.”

If you wish to vote by proxy, you must (i) complete the enclosed form, called a “proxy card,” and mail it in the envelope provided or (ii) submit your proxy by telephone or over the Internet (if those options are available to you) in accordance with the instructions on the enclosed proxy card or voting instruction card.

If you complete the proxy card and mail it in the envelope provided or submit your proxy by telephone or over the Internet as described above, you will designate Greg Warnock and Douglas Davis to act as your proxy at the special meeting. One of them will then vote your shares at the special meeting in accordance with the instructions you have given them in the proxy card or voting instructions, as applicable, with respect to the proposals presented in this proxy statement. Proxies will extend to, and be voted at, any adjournment(s) of the special meeting.

Alternatively, you can vote your shares in person by attending the special meeting virtually.

A special note for those who plan to attend the special meeting and vote virtually: if your shares or units are held in the name of a broker, bank or other nominee, please follow the instructions you receive from your broker, bank or other nominee holding your shares. You will not be able to vote at the special meeting unless you obtain a legal proxy from the record holder of your shares.

Our Board is asking for your proxy. Giving our Board your proxy means you authorize it to vote your shares at the special meeting in the manner you direct. You may vote for or against any proposal or you may abstain from voting. All valid proxies received prior to the special meeting will be voted. All shares represented by a proxy will be voted, and where a stockholder specifies by means of the proxy a choice with respect to any matter to be acted upon, the shares will be voted in accordance with the specification so made. If no choice is indicated on the proxy, the shares will be voted “FOR” both the Extension Amendment Proposal and the Trust Amendment Proposal and, if presented, the Adjournment Proposal, and as the proxy holders may determine in their discretion with respect to any other matters that may properly come before the special meeting.

Stockholders who have questions or need assistance in completing or submitting their proxy cards should contact our proxy solicitor, [*], at [*] (call collect), [*] (call toll-free), or by sending an email to [*].

Stockholders who hold their shares in “street name,” meaning the name of a broker or other nominee who is the record holder, must either direct the record holder of their shares to vote their shares or obtain a legal proxy from the record holder to vote their shares at the special meeting.

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Revocability of Proxies

Any proxy may be revoked by the person giving it at any time before the polls close at the special meeting. A proxy may be revoked by filing with Douglas Davis, at Bannix Acquisition Corp., 8265 West Sunset Blvd., Suite #107, West Hollywood, CA 90046, either a written notice of revocation bearing a date later than the date of such proxy or a subsequent proxy relating to the same shares or by attending the special meeting and voting virtually. However, if your shares are held in “street name” by your broker, bank or another nominee, you must contact your broker, bank or other nominee to change your vote.

Simply attending the special meeting will not constitute a revocation of your proxy. If your shares are held in the name of a broker or other nominee who is the record holder, you must follow the instructions of your broker or other nominee to revoke a previously given proxy.

Attendance at the Special Meeting

Only holders of common stock, their proxy holders and guests the Company may invite may attend the special meeting. If you wish to attend the special meeting virtually but you hold your shares or units through someone else, such as a broker, please follow the instructions you receive from your broker, bank or other nominee holding your shares. You must bring a legal proxy from the broker, bank or other nominee holding your shares, confirming your beneficial ownership of the shares and giving you the right to vote your shares.

Solicitation of Proxies

Your proxy is being solicited by our Board on the proposals being presented to the stockholders at the special meeting. The Company has agreed to pay [*] a fee of $[*]. The Company will also reimburse [*] for reasonable and customary out-of-pocket expenses. In addition to these mailed proxy materials, our directors and executive officers may also solicit proxies in person, by telephone or by other means of communication. These parties will not be paid any additional compensation for soliciting proxies. The Company may also reimburse brokerage firms, banks and other agents for the cost of forwarding proxy materials to beneficial owners. You may contact [*] at:

[*]

Tel: [*] (toll-free) or

[*] (banks and brokers can call collect)

Email: [*]

The cost of preparing, assembling, printing and mailing this proxy statement and the accompanying form of proxy, and the cost of soliciting proxies relating to the special meeting, will be borne by the Company.

Some banks and brokers have customers who beneficially own common stock listed of record in the names of nominees. The Company intends to request banks and brokers to solicit such customers and will reimburse them for their reasonable out-of-pocket expenses for such solicitations. If any additional solicitation of the holders of our outstanding common stock is deemed necessary, the Company (through our directors and executive officers) anticipates making such solicitation directly.

No Right of Appraisal

The Company’s stockholders do not have appraisal rights under the DGCL in connection with the proposals to be voted on at the special meeting. Accordingly, our stockholders have no right to dissent and obtain payment for their shares.

Other Business

The Company is not currently aware of any business to be acted upon at the special meeting other than the matters discussed in this proxy statement. The form of proxy accompanying this proxy statement confers discretionary authority upon the named proxy holders with respect to amendments or variations to the matters identified in the accompanying Notice of Special Meeting and with respect to any other matters which may properly come before the special meeting. If other matters do properly come before the special meeting, or at any adjournment(s) of the special meeting, the Company expects that the shares of common stock represented by properly submitted proxies will be voted by the proxy holders in accordance with the recommendations of our Board.

Principal Executive Offices

Our principal executive offices are located 8265 West Sunset Blvd., Suite #107, West Hollywood, CA 90046. Our telephone number at such address is (323) 682-8949.

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THE EXTENSION AMENDMENT PROPOSAL AND THE TRUST AMENDMENT PROPOSAL

Background

We are a blank check company whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase reorganization or similar business combination with one or more businesses. We were incorporated in Delaware on January 21, 2021. In connection with our formation, we issued an aggregate of 1,437,500 shares to our Sponsor for an aggregate purchase price of $14,375.

On September 14, 2021, we consummated its IPO of 6,900,000 units (the “units”). Each unit consists of one share of common stock, one redeemable warrant to purchase one share of common stock (the “public warrants”) and one right to buy one tenth of one share of common stock. The units were sold at an offering price of $10.00 per unit, generating gross proceeds of $69,000,000. Concurrent with the IPO, the Company consummated the issuance of 406,000 private placement units (the “Private Placement Units”) as follows: the Company sold 181,000 Private Placement Units to certain investors for aggregate cash proceeds of $2,460,000 and issued an additional 225,000 private placement units to the Sponsor in exchange for the cancellation of $1,105,000 in loans and a promissory note due to them. Each Private Placement Unit consists of one share of common stock, one redeemable warrant to purchase one share of common stock at a price of $11.50 per whole share and one right. Each right entitles the holder thereof to receive one-tenth (1/10) of one share of common stock upon the consummation of the Business Combination.

A total of $69,690,000 of the net proceeds from our initial public offering (including the over-allotment) and the private placement with the Sponsor were deposited in a trust account established for the benefit of the Company’s stockholders.

The Extension Amendment Proposal and the Trust Amendment Proposal

The Company is proposing to amend its charter and the Trust Agreement to extend the date by which the Company must consummate a business combination to the Extended Date.

The sole purpose of the Extension Amendment Proposal and the Trust Amendment Proposal is to provide the Company with sufficient time to complete an initial business combination. Approval of the Extension Amendment Proposal and the Trust Amendment Proposal is a condition to the implementation of the Extension.

If either the Extension Amendment Proposal or the Trust Amendment Proposal is not approved, the Company does not effect the Automatic Extension prior to the end of the Combination Period and the Company has not consummated an initial business combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, and subject to having lawfully available funds therefor, redeem 100% of the outstanding common stock, at a per share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including any interest earned on the trust account deposits (which interest shall be net of taxes payable and after setting aside up to $100,000 to pay dissolution expenses), divided by the number of then outstanding common stock, which redemption will completely extinguish stockholders’ rights as stockholders (including the right to receive further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of our remaining stockholders and our Board, in accordance with applicable law, dissolve and liquidate, subject in each case to our obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. The Company and the Sponsor may elect to extend the Combination Period under the current charter from March 14, 2023, to June 14, 2023, pursuant to the Automatic Extension, but are under no obligation to do so. There will be no redemption rights or liquidating distributions with respect to our warrants, which will expire worthless if we fail to complete an initial business combination within the Combination Period.

A copy of the proposed amendment to the Company’s charter is attached to this proxy statement as
Annex A.

A copy of the proposed amendment to the Trust Agreement is attached to this proxy statement as
Annex B.

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Reasons for the Extension Amendment Proposal and the Trust Amendment Proposal

The Company’s IPO prospectus and charter provide that the Company has until the last day of the Combination Period to complete a business combination. The sole purpose of the Extension Amendment Proposal and the Trust Amendment Proposal is to provide the Company with sufficient time to complete a business combination, which our Board believes is in the best interest of our stockholders. The Company believes that given the Company’s expenditure of time, effort and money on searching for potential business combination opportunities, , circumstances warrant providing stockholders an opportunity to consider an initial business combination. Accordingly, since the Company may not be able to complete an initial business combination within the Combination Period (even if the Company and Sponsor were to elect to extend the Combination Period from March 14, 2023 to June 14, 2023), the Company has determined to seek stockholder approval to extend the time for closing a business combination beyond the last day of the Combination Period to the Extended Date. The Company and its officers and directors agreed that they would not seek to amend the Company’s charter to allow for a longer period of time to complete a business combination unless the Company provided holders of common stock with the right to seek conversion of their common stock in connection therewith.

If Either the Extension Amendment Proposal or the Trust Amendment Proposal is Not Approved

Stockholder approval of the Extension Amendment Proposal and the Trust Amendment Proposal is required for the implementation of our Board’s plan to extend the date by which we must consummate an initial business combination. Therefore, our Board will abandon and not implement the Extension Amendment or the Trust Amendment unless our stockholders approve the Extension Amendment Proposal and the Trust Amendment Proposal.

If either the Extension Amendment Proposal or the Trust Amendment Proposal is not approved, the Company does not effect the Automatic Extension prior to the end of the Combination Period and the Company does not consummate an initial business combination within the Combination Period, as contemplated by our IPO prospectus and in accordance with our charter, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, and subject to having lawfully available funds therefor, redeem 100% of the outstanding common stock, at a per share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including any interest earned on the trust account deposits (which interest shall be net of taxes payable and after setting aside up to $100,000 to pay dissolution expenses), divided by the number of then outstanding common stock, which redemption will completely extinguish stockholders’ rights as stockholders (including the right to receive further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of our remaining stockholders and our Board, in accordance with applicable law, dissolve and liquidate, subject in each case to our obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. The Company and the Sponsor may elect to extend the Combination Period under the current charter from March 14, 2023, to June 14, 2023, pursuant to the Automatic Extension, but are under no obligation to do so. There will be no redemption rights or liquidating distributions with respect to our warrants, which will expire worthless in the event the Company winds up.

The holders of the shares have waived their rights to participate in any liquidation distribution with respect to such shares. There will be no distribution from the trust account with respect to the Company’s warrants, which will expire worthless in the event the Extension Amendment Proposal and the Trust Amendment Proposal are not approved. The Company will pay the costs of liquidation from its remaining assets outside of the trust account. If such funds are insufficient, our Sponsor has agreed to advance it the funds necessary to complete such liquidation and has agreed not to seek repayment of such expenses.

If the Extension Amendment Proposal and the Trust Amendment Proposal are Approved

If the Extension Amendment Proposal and the Trust Amendment Proposal are approved, the Company will file an amendment to the charter with the Secretary of State of the State of Delaware in the form of Annex A hereto and enter into an amendment to the Trust Agreement in the form of Annex B hereto to extend the time it has to complete a business combination until the Extended Date. The Company will remain a reporting company under the Exchange Act, and its units, common stock and public warrants will remain publicly traded. The Company will then continue to work to consummate a business combination by the Extended Date.

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You are not being asked to vote on a business combination at this time. If the Extension is implemented and you do not elect to redeem your common stock in connection with the Extension, you will retain the right to vote on a business combination when it is submitted to the stockholders (provided that you are a stockholder on the record date for a meeting to consider a business combination) and the right to redeem your common stock for a pro rata portion of the trust account in the event a business combination is approved and completed or the Company has not consummated a business combination by the Extended Date.

If the Extension Amendment Proposal and the Trust Amendment Proposal are approved and the Extension is implemented, the removal of the Withdrawal Amount from the trust account in connection with the Election will reduce the amount held in the trust account following the Election. The Company cannot predict the amount that will remain in the trust account after such withdrawal if the Extension Amendment Proposal and the Trust Amendment Proposal are approved and the amount remaining in the trust account may be only a fraction of the approximately $[*] (including interest but less the funds used to pay taxes) that was in the trust account as of the record date. In such event, the Company may still seek to obtain additional funds to complete a business combination, and there can be no assurance that such funds will be available on terms acceptable to the parties or at all. We will not proceed with the Extension if redemptions or repurchases of our common stock cause us to have less than $5,000,001 of net tangible assets following approval of the Extension Amendment Proposal and the Trust Amendment Proposal.

Redemption Rights

If the Extension Amendment Proposal and the Trust Amendment Proposal are approved, and the Extension is implemented, stockholders may elect to redeem their shares for a per share price, payable in cash, equal to the aggregate amount then on deposit in the trust account as of two business days prior to such approval, including any interest earned on the trust account deposits (which interest shall be net of taxes payable), divided by the number of then outstanding common stock. However, the Company may not redeem our common stock in an amount that would cause our net tangible assets to be less than $5,000,001. If the Extension Amendment Proposal and the Trust Amendment Proposal are approved by the requisite vote of stockholders, the remaining holders of common stock will retain the opportunity to have their common stock redeemed in conjunction with the consummation of a business combination, subject to any limitations set forth in our charter, as amended. In addition, stockholders who vote for the Extension Amendment Proposal or the Trust Amendment Proposal and do not make the Election would be entitled to have their shares redeemed for cash if the Company has not completed a business combination by the Extended Date.

If the Extension Amendment Proposal and the Trust Amendment Proposal are approved and the Extension Amendment and Trust Amendment become effective, in the event that the Company has not consummated a business combination by March 14, 2023 (or June 14, 2024 in the event the Automatic Extension is implemented), the Company may, by resolution of the Board and without approval of the Company’s public stockholders, if requested by the Sponsor, and upon five days’ advance notice prior to the applicable Termination Date, extend the Termination Date up to twelve times, each by one additional month (for a total of up to twelve additional months to complete a business combination), provided that the Sponsor or its designee will, for each such monthly extension, advance to us as a loan, for deposit into the Trust Account, an amount equal to the lesser of (a) $75,000 or (b) $0.07 for each public share that is not redeemed in connection with the special meeting for an aggregate deposit of up to the lesser of (x) $900,000 or (y) $0.84 for each public share that is not redeemed in connection with the special meeting (if all twelve additional monthly extensions are exercised). The advances are conditioned upon the implementation of the Extension Amendment Proposal and the Trust Amendment Proposal and will not occur if either the Extension Amendment Proposal or the Trust Amendment Proposal is not approved or the Extension is not completed. The amount of the advances will not bear interest and will be repayable by the Company to our Sponsor or its designees upon consummation of the business combination. If our Sponsor or its designee advises the Company that it does not intend to make the advances, then the Extension Amendment Proposal, the Trust Amendment Proposal and the Adjournment Proposal will not be put before the shareholders at the special meeting, and we may decide, in accordance with our charter, to extend the period of time to consummate an initial Business Combination pursuant to the Automatic Extension or to dissolve and liquidate. Our Sponsor or its designees will have the sole discretion whether to continue extending for additional calendar months until the Extended Date and if our Sponsor determines not to continue extending for additional calendar months, its obligation to make additional advances will terminate.

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TO EXERCISE YOUR REDEMPTION RIGHTS, YOU MUST ENSURE YOUR BANK OR BROKER COMPLIES WITH THE REQUIREMENTS IDENTIFIED HEREIN, INCLUDING SUBMITTING A WRITTEN REQUEST THAT YOUR SHARES BE REDEEMED FOR CASH TO THE TRANSFER AGENT AND DELIVERING YOUR SHARES TO THE TRANSFER AGENT PRIOR TO 5:00 P.M. EST ON [*], 2023 (TWO BUSINESS DAYS BEFORE THE SCHEDULED VOTE AT THE SPECIAL MEETING). YOU WILL ONLY BE ENTITLED TO RECEIVE CASH IN CONNECTION WITH A REDEMPTION OF THESE SHARES IF YOU CONTINUE TO HOLD THEM UNTIL THE EFFECTIVE DATE OF THE EXTENSION AMENDMENT PROPOSAL, THE TRUST AMENDMENT PROPOSAL AND ELECTION.

Pursuant to our charter, a public stockholder may request that the Company redeem all or a portion of such public stockholder’s common stock for cash if the Extension Amendment Proposal and the Trust Amendment Proposal are approved. You will be entitled to receive cash for any common stock to be redeemed only if you:

(i). (a) hold common stock or (b) hold common stock through units and you elect to separate your units into the underlying common stock and public warrants prior to exercising your redemption rights with respect to the common stock; and

(ii). prior to 5:00 p.m. Eastern Time, on [*], 2023 (two business days prior to the scheduled vote at the special meeting), (a) submit a written request, including the name, phone number, and address of the beneficial owner of the shares for which redemption is requested, to Continental Stock Transfer & Trust Company, the Company’s transfer agent, at Continental Stock Transfer & Trust Company, 1 State Street, 30th Floor, New York, New York 10004, Attn: Mark Zimkind, that the Company redeem your common stock for cash and (b) deliver your common stock to the transfer agent, physically or electronically through DTC.

Holders of units must elect to separate the underlying common stock and public warrants prior to exercising redemption rights with respect to the common stock. If holders hold their units in an account at a brokerage firm or bank, holders must notify their broker or bank that they elect to separate the units into the underlying common stock and public warrants, or if a holder holds units registered in its own name, the holder must contact the transfer agent directly and instruct it to do so. Stockholders may elect to redeem all or a portion of their common stock regardless of whether they vote for or against the Extension Amendment Proposal or the Trust Amendment Proposal and regardless of whether they hold common stock on the record date.

Through DTC’s DWAC (Deposit/Withdrawal at Custodian) System, this electronic delivery process can be accomplished by the stockholder, whether or not it is a record holder or its shares are held in “street name,” by contacting the transfer agent or its broker and requesting delivery of its shares through the DWAC system. Delivering shares physically may take significantly longer. In order to obtain a physical stock certificate, a stockholder’s broker and/or clearing broker, DTC, and the Company’s transfer agent will need to act together to facilitate this request. There is a nominal cost associated with the above-referenced tendering process and the act of certificating the shares or delivering them through the DWAC system. The transfer agent will typically charge the tendering broker $100 and the broker would determine whether or not to pass this cost on to the redeeming holder. It is the Company’s understanding that stockholders should generally allot at least two weeks to obtain physical certificates from the transfer agent. The Company does not have any control over this process or over the brokers or DTC, and it may take longer than two weeks to obtain a physical stock certificate. Such stockholders will have less time to make their investment decision than those stockholders that deliver their shares through the DWAC system. Stockholders who request physical stock certificates and wish to redeem may be unable to meet the deadline for tendering their shares before exercising their redemption rights and thus will be unable to redeem their shares. Certificates that have not been tendered in accordance with these procedures prior to the vote on the Extension Amendment will not be redeemed for cash held in the trust account on the redemption date. In the event that a public stockholder tenders its shares and decides prior to the vote at the special meeting that it does not want to redeem its shares, the stockholder may withdraw the tender. If you delivered your shares for redemption to our transfer agent and decide prior to the vote at the special meeting not to redeem your common stock, you may request that our transfer agent return the shares (physically or electronically). You may make such request by contacting our transfer agent at the address listed above. In the event that a public stockholder tenders shares and either the Extension Amendment Proposal or the Trust Amendment Proposal is not approved, these shares will not be redeemed and the physical certificates representing these shares will be returned to the stockholder promptly following the determination that either the Extension Amendment Proposal or the Trust Amendment Proposal will not be approved. The Company anticipates that a public stockholder who tenders shares for redemption in connection with the vote to approve the Extension would receive payment of the redemption price for such shares soon after the completion of the Extension Amendment and the Trust Amendment. The transfer agent will hold the certificates of stockholders that make the election until such shares are redeemed for cash or returned to such stockholders.

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If properly demanded, the Company will redeem each public share for a per share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including any interest earned on the funds held in the trust account and not previously released to us to pay our franchise and income taxes, divided by the number of then outstanding common stock. Based on the amount in the trust account as of the record date, this would amount to approximately $10.[*] per share. The closing price of the common stock on NASDAQ on [*], 2023, the record date, was $[*]. Accordingly, if the market price were to remain the same until the date of the special meeting, exercising redemption rights would result in a public stockholder receiving approximately $[*] more than if such stockholder sold the common stock in the open market. The Company cannot assure stockholders that they will be able to sell their common stock in the open market, even if the market price per share is higher than the redemption price stated above, as there may not be sufficient liquidity in its securities when such stockholders wish to sell their shares.

If you exercise your redemption rights, you will be exchanging your shares of the Company’s common stock for cash and will no longer own the shares. You will be entitled to receive cash for these shares only if you properly demand redemption and tender your stock certificate(s) to the Company’s transfer agent prior to 5:00 p.m. Eastern Time on [*], 2023 (two business days before the scheduled vote at the special meeting). The Company anticipates that a public stockholder who tenders shares for redemption in connection with the vote to approve the Extension Amendment Proposal and the Trust Amendment Proposal would receive payment of the redemption price for such shares soon after the completion of the Extension Amendment and the Trust Amendment.

Interests of the Company’s Directors and Executive Officers

When you consider the recommendation of our Board, you should keep in mind that the Company’s executive officers and directors, and their affiliates, have interests that may be different from, or in addition to, your interests as a stockholder. These interests include, among other things:

● If the Extension Amendment Proposal and the Trust Amendment Proposal are not approved and the Company does not consummate an initial business combination within the Combination Period, in accordance with our charter, the 1,437,500 shares, which were acquired by our Sponsor directly from the Company for an aggregate investment of $14,375, or approximately $0.01 per share, will be worthless (as the initial stockholders have waived liquidation rights with respect to such shares). The shares had an aggregate market value of approximately $[*] based on the last sale price of $[*] on NASDAQ on [*], 2023 (the record date);

● If the Extension Amendment Proposal and the Trust Amendment Proposal are not approved and the Company does not consummate an initial business combination within the Combination Period, in accordance with our charter, the [*] private placement units purchased by our Sponsor for an aggregate investment of $[*], or $1.00 per unit, will be worthless, as they will expire. The private placement warrants had an aggregate market value of approximately $[*] based on the last sale price of $[*] on NASDAQ on [*], 2023 (the record date);

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● Even if the trading price of the common stock were as low as $[*] per share, the aggregate market value of the shares alone (without taking into account the value of the private placement warrants) would be approximately equal to the initial investment in the Company by our Sponsor. As a result, if an initial business combination is completed, the initial stockholders are likely to be able to make a substantial profit on their investment in us even at a time when the common stock has lost significant value. On the other hand, if either the Extension Amendment Proposal or the Trust Amendment Proposal is not approved and the Company liquidates without completing its initial business combination before March 14, 2023, the initial stockholders will lose their entire investment in us.

● Our Sponsor has agreed that it will be liable to us, if and to the extent any claims by a vendor for services rendered or products sold to us, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the trust account to below: (i) $10.10 per public share; or (ii) such lesser amount per public share held in the trust account as of the date of the liquidation of the trust account due to reductions in the value of the trust assets, in each case, net of the interest which may be withdrawn to pay taxes, except as to any claims by a third party who executed a waiver of any and all rights to seek access to the trust account and except as to any claims under our indemnity of the underwriters of the IPO against certain liabilities, including liabilities under the Securities Act of 1933, as amended;

● All rights specified in the charter relating to the right of officers and directors to be indemnified by the Company, and of the Company’s executive officers and directors to be exculpated from monetary liability with respect to prior acts or omissions, will continue after a business combination. If a business combination is not approved and the Company liquidates, the Company will not be able to perform its obligations to its officers and directors under those provisions;

● All of the current members of our Board are expected to continue to serve as directors at least through the date of the special meeting to approve a business combination and some may continue to serve following a business combination as discussed above and receive compensation thereafter; and

● The Company’s executive officers and directors, and their affiliates are entitled to reimbursement of out-of-pocket expenses incurred by them in connection with certain activities on the Company’s behalf, such as identifying and investigating possible business targets and business combinations. As of the date hereof, the Company has received a total of approximately $[*] in loans from our Sponsor (the “Sponsor Loans”), and the Sponsor Loans remains outstanding as of the date of this proxy statement. However, if the Company fails to obtain the Extension and consummate a business combination, they will not have any claim against the trust account for reimbursement. Accordingly, the Company will most likely not be able to reimburse these expenses, including the Sponsor Loans, if a business combination is not completed.

Additionally, if the Extension Amendment Proposal and the Trust Amendment Proposal are approved and we consummate an initial business combination, our Sponsor, officers and directors may have additional interests as will be described in the proxy statement for the business combination.

U.S. Federal Income Tax Considerations

The following discussion is a summary of the material U.S. federal income tax considerations for U.S. Holders and Non-U.S. Holders (each as defined below, and together, “Holders”) of common stock (i) of the Extension Amendment Proposal and the Trust Amendment Proposal and (ii) that elect to have their common stock redeemed for cash if the Extension Amendment Proposal and the Trust Amendment Proposal are approved. The effects of other U.S. federal tax laws, such as estate and gift tax laws, and any applicable state, local or non-U.S. tax laws are not discussed. This discussion is based on the U.S. Internal Revenue Code of 1986, as amended (the “Code”), Treasury Regulations promulgated thereunder, judicial decisions, and published rulings and administrative pronouncements of the U.S. Internal Revenue Service (the “IRS”), in each case in effect as of the date hereof. These authorities may change or be subject to differing interpretations. Any such change or differing interpretation may be applied retroactively in a manner that could adversely affect the tax consequences discussed below. We have not sought and will not seek any rulings from the IRS regarding the matters discussed below. There can be no assurance the IRS or a court will not take a contrary position to that discussed below regarding the tax consequences of the transactions contemplated by the Extension Amendment (including any redemption of the common stock in connection therewith), including with respect to any common stock held through the units (and including alternative characterizations of the units).

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This discussion is limited to holders that hold their common stock as a “capital asset” within the meaning of Section 1221 of the Code (generally, property held for investment). This discussion does not address all U.S. federal income tax consequences relevant to a holder’s particular circumstances, including the impact of the alternative minimum tax or the Medicare contribution tax on net investment income. In addition, it does not address consequences relevant to holders subject to special rules, including, without limitation: 

● banks;

● certain financial institutions;

● regulated investment companies or real estate investment trusts;

● insurance companies;

● brokers, dealers or traders in securities;

● traders in securities that elect mark to market;

● tax-exempt organizations or governmental organizations;

● U.S. expatriates or former citizens or long-term residents of the United States;

● persons that hold their common stock as part of a straddle, constructive sale, hedge, wash sale, conversion or other integrated or similar transaction;

● persons that actually or constructively own ten percent or more (by vote or value) of the Company’s shares (except as specifically provided below);

● controlled foreign corporations,” “passive foreign investment companies,” and corporations that accumulate earnings to avoid U.S. federal income tax;

● S corporations, partnerships or other entities or arrangements treated as partnerships for U.S. federal income tax purposes (and investors therein);

● persons deemed to sell the Company’s common stock under the constructive sale provisions of the Code;

● the Sponsor, its affiliates, or any person owning a direct or indirect interest in the Sponsor, and any person that owns shares or private placement warrants;

● except as specifically provided below, persons that actually or constructively own five percent or more (by vote or value) of any class of shares of the Company;

● persons who acquired their common stock pursuant to the exercise of any employee stock option or otherwise as compensation;

● tax-qualified retirement plans; and

● “qualified foreign pension funds” as defined in Section 897(l)(2) of the Code and entities all of the interests of which are held by qualified foreign pension funds.

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If an entity or arrangement treated as a partnership for U.S. federal income tax purposes holds common stock, the tax treatment of an owner of such an entity or arrangement will depend on the status of the owner, the activities of the entity or arrangement and certain determinations made at the owner level. Accordingly, entities or arrangements treated as partnerships for U.S. federal income tax purposes holding common stock and the owners in such entities or arrangements should consult their tax advisors regarding the U.S. federal income tax consequences to them of the Extension Amendment Proposal and the Trust Amendment Proposal and the exercise of redemption rights with respect to their common stock in connection therewith.

THIS DISCUSSION IS ONLY A SUMMARY OF CERTAIN U.S. FEDERAL INCOME TAX CONSIDERATIONS ASSOCIATED WITH THE EXTENSION AMENDMENT PROPOSAL AND THE TRUST AMENDMENT PROPOSAL AND THE EXERCISE OF REDEMPTION RIGHTS IN CONNECTION THEREWITH. EACH HOLDER SHOULD CONSULT ITS OWN TAX ADVISOR WITH RESPECT TO THE PARTICULAR TAX CONSEQUENCES TO SUCH HOLDER OF THE EXTENSION AMENDMENT PROPOSAL AND THE TRUST AMENDMENT PROPOSAL AND THE EXERCISE OF REDEMPTION RIGHTS, INCLUDING THE APPLICABILITY AND EFFECTS OF U.S. FEDERAL NON-INCOME, STATE AND LOCAL AND NON-U.S. TAX LAWS.

Tax Treatment of Non-Redeeming Stockholders

A public stockholder who does not elect to redeem their common stock (including any public stockholder who votes in favor of the Extension Amendment or the Trust Amendment Proposal) will continue to own its common stock, and should not recognize any income, gain or loss for U.S. federal income tax purposes solely as a result of the Extension Amendment Proposal or the Trust Amendment Proposal.

Tax Treatment of Redeeming Stockholders

U.S. Holders

As used herein, a “U.S. Holder” is a beneficial owner of a public share who or that is, for U.S. federal income tax purposes:

● an individual who is a citizen or resident of the United States;

● a corporation (or other entity taxable as a corporation) that is created or organized (or treated as created or organized) in or under the laws of the United States or any state thereof or the District of Columbia;

● an estate whose income is subject to U.S. federal income tax regardless of its source; or

● a trust if (1) a U.S. court can exercise primary supervision over the administration of such trust and one or more United States persons (within the meaning of Section 7701(a)(30) of the Code) have the authority to control all substantial decisions of the trust or (2) it has a valid election in place to be treated as a United States person.

Generally

The U.S. federal income tax consequences to a U.S. Holder of common stock that exercises its redemption rights with respect to its common stock to receive cash in exchange for all or a portion of its common stock will depend on whether the redemption qualifies as a sale of common stock under Section 302 of the Code.

If the redemption qualifies as a sale of common stock by a U.S. Holder, the tax consequences to such U.S. Holder are as described below under the section entitled “— Taxation of Redemption Treated as a Sale of Common stock.” If the redemption does not qualify as a sale of common stock, a U.S. Holder should be treated as receiving a corporate distribution with the tax consequences to such U.S. Holder as described below under the section entitled “—Taxation of Redemption Treated as a Distribution.”

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Whether a redemption of common stock qualifies for sale treatment will depend largely on the total number of shares of the Company’s stock treated as held by the redeemed U.S. Holder before and after the redemption (including any stock of the Company treated as constructively owned by the U.S. Holder as a result of owning public warrants) relative to all of the stock of the Company outstanding both before and after the redemption. The redemption of common stock generally should be treated as a sale of common stock (rather than as a corporate distribution) if the redemption (1) is “substantially disproportionate” with respect to the U.S. Holder, (2) results in a “complete termination” of the U.S. Holder’s interest in the Company or (3) is “not essentially equivalent to a dividend” with respect to the U.S. Holder. These tests are explained more fully below.

In determining whether any of the foregoing tests result in a redemption qualifying for sale treatment, a U.S. Holder takes into account not only shares of the Company’s stock actually owned by the U.S. Holder, but also shares of the Company’s stock that are constructively owned by it under certain attribution rules set forth in the Code. A U.S. Holder may constructively own, in addition to stock owned directly, stock owned by certain related individuals and entities in which the U.S. Holder has an interest or that have an interest in such U.S. Holder, as well as any stock that the holder has a right to acquire by exercise of an option, which would generally include common stock which could be acquired pursuant to the exercise of public warrants.

In order to meet the substantially disproportionate test, the percentage of the Company’s outstanding voting stock actually and constructively owned by the U.S. Holder immediately following the redemption of common stock must, among other requirements, be less than eighty percent (80%) of the percentage of the Company’s outstanding voting stock actually and constructively owned by the U.S. Holder immediately before the redemption (taking into account redemptions by other holders of common stock). Prior to the completion of an initial business combination, the common stock may not be treated as voting shares for this purpose and, consequently, this substantially disproportionate test may not apply. There will be a complete termination of a U.S. Holder’s interest if either (1) all of the common stock actually and constructively owned by the U.S. Holder are redeemed or (2) all of the common stock actually owned by the U.S. Holder are redeemed and the U.S. Holder is eligible to waive, and effectively waives in accordance with specific rules, the attribution of stock owned by certain family members and the U.S. Holder does not constructively own any other common stock (including any stock constructively owned by the U.S. Holder as a result of owning public warrants). The redemption of common stock will not be essentially equivalent to a dividend if the redemption results in a “meaningful reduction” of the U.S. Holder’s proportionate interest in the Company. Whether the redemption will result in a meaningful reduction in a U.S. Holder’s proportionate interest in the Company will depend on the particular facts and circumstances. However, the IRS has indicated in a published ruling that even a small reduction in the proportionate interest of a small minority stockholder in a publicly held corporation where such stockholder exercises no control over corporate affairs may constitute such a “meaningful reduction.”

If none of the foregoing tests is satisfied, then the redemption of common stock should be treated as a corporate distribution to the redeemed U.S. Holder and the tax effects to such a U.S. Holder will be as described below under the section entitled “—Taxation of Redemption Treated as a Distribution.” After the application of those rules, any remaining tax basis of the U.S. Holder in the redeemed common stock will be added to the U.S. Holder’s adjusted tax basis in its remaining shares of the Company’s stock or, if it has none, to the U.S. Holder’s adjusted tax basis in its public warrants or possibly in other shares of the Company’s stock constructively owned by it.

Taxation of Redemption Treated as a Distribution

If the redemption of a U.S. Holder’s common stock is treated as a corporate distribution, as discussed above under the section entitled “—Generally,” the amount of cash received in the redemption generally will constitute a dividend for U.S. federal income tax purposes to the extent paid from the Company’s current or accumulated earnings and profits, as determined under U.S. federal income tax principles.

Distributions in excess of the Company’s current and accumulated earnings and profits will constitute a return of capital that will be applied against and reduce (but not below zero) the U.S. Holder’s adjusted tax basis in its common stock. Any remaining excess should be treated as gain realized on the sale of common stock and should be treated as described below under the section entitled “—Taxation of Redemption Treated as a Sale of Common stock.”

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Any dividends received by corporate U.S. Holders should be taxable at regular corporate tax rates and should generally be eligible for the dividends received deduction if the requisite holding period is satisfied. With respect to non-corporate U.S. Holders and with certain exceptions, dividends may be “qualified dividend income,” which is currently taxed at the lower applicable long-term capital gain rate provided that the U.S. Holder satisfies certain holding period requirements and the U.S. Holder is not under an obligation to make related payments with respect to positions in substantially similar or related property. It is unclear whether the redemption rights with respect to the Company’s common stock may prevent a U.S. Holder from satisfying the applicable holding period requirements with respect to the dividends received deduction or the preferential tax rate on qualified dividend income, as the case may be. If the holding period requirements are not satisfied, then non-corporate U.S. Holders may be subject to tax on such dividends at regular ordinary income tax rates instead of the preferential rate that applies to qualified dividend income.

Taxation of Redemption Treated as a Sale of Common stock

If the redemption of a U.S. Holder’s common stock is treated as a sale, as discussed above under the section entitled “—Generally,” a U.S. Holder generally should recognize capital gain or loss in an amount equal to the difference between the amount of cash received in the redemption and the U.S. Holder’s adjusted tax basis in the common stock redeemed. Any such capital gain or loss generally should be long-term capital gain or loss if the U.S. Holder’s holding period for the common stock so disposed of exceeds one year. It is unclear, however, whether the redemption rights with respect to the Company’s common stock may suspend the running of the applicable holding period for this purpose. If the running of the holding period is suspended, then non-corporate U.S. Holders may not be able to satisfy the one-year holding period requirement for long-term capital gain treatment, in which case any gain on a sale or taxable disposition of the shares or warrants would be subject to short-term capital gain treatment and would be taxed at regular ordinary income tax rates. Long-term capital gains recognized by non-corporate U.S. Holders generally should be eligible to be taxed at reduced rates. The deductibility of capital losses is subject to limitations.

U.S. Holders who hold different blocks of common stock (including as a result of holding different blocks of common stock purchased or acquired on different dates or at different prices) should consult their tax advisors to determine how the above rules apply to them.

U.S. Holders who actually or constructively own at least five percent (5%) by vote or value (or, if the common stock are not then considered to be publicly traded, at least one percent (1%) by vote or value) or more of the total outstanding Company stock may be subject to special reporting requirements with respect to a redemption of common stock, and such holders should consult with their tax advisors with respect to their reporting requirements.

ALL U.S. HOLDERS ARE URGED TO CONSULT THEIR TAX ADVISORS AS TO THE TAX CONSEQUENCES TO THEM OF A REDEMPTION OF ALL OR A PORTION OF THEIR COMMON STOCK PURSUANT TO AN EXERCISE OF REDEMPTION RIGHTS.

Information Reporting and Backup Withholding

Payments of cash to a U.S. Holder as a result of the redemption of common stock may be subject to information reporting to the IRS and possible U.S. backup withholding. Backup withholding should not apply, however, to a U.S. Holder who furnishes a correct taxpayer identification number and makes other required certifications, or who is otherwise exempt from backup withholding and establishes such exempt status.

Backup withholding is not an additional tax. Amounts withheld as backup withholding may be credited against a U.S. Holder’s U.S. federal income tax liability, and the U.S. Holder generally may obtain a refund of any excess amounts withheld under the backup withholding rules by timely filing the appropriate claim for refund with the IRS and furnishing any required information.

Non-U.S. Holders

As used herein, a “Non-U.S. Holder” is a beneficial owner of a public share who or that is, for U.S. federal income tax purposes:

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● a non-resident alien individual;

● a foreign corporation; or

● a foreign estate or trust.

Generally

The U.S. federal income tax consequences to a Non-U.S. Holder of common stock that exercises its redemption rights to receive cash from the trust account in exchange for all or a portion of its common stock will depend on whether the redemption qualifies as a sale of the common stock redeemed, as described above under “Tax Treatment of Redeeming Stockholders—U.S. Holders—Generally.” If such a redemption qualifies as a sale of common stock, the U.S. federal income tax consequences to the Non-U.S. Holder should be as described below under “—Taxation of Redemption Treated as a Sale of Common stock.” If such a redemption does not qualify as a sale of common stock, the Non-U.S. Holder should be treated as receiving a corporate distribution, the U.S. federal income tax consequences of which are described below under “—Taxation of Redemption as a Distribution.”

Because it may not be certain at the time a Non-U.S. Holder is redeemed whether such Non-U.S. Holder’s redemption will be treated as a sale of shares or a corporate distribution, and because such determination will depend in part on a Non-U.S. Holder’s particular circumstances, the applicable withholding agent may not be able to determine whether (or to what extent) a Non-U.S. Holder is treated as receiving a dividend for U.S. federal income tax purposes. Therefore, the applicable withholding agent may withhold tax at a rate of thirty percent (30%) (or such lower rate as may be specified by an applicable income tax treaty) on the gross amount of any consideration paid to a Non-U.S. Holder in redemption of such Non-U.S. Holder’s common stock, unless (a) the applicable withholding agent has established special procedures allowing Non-U.S. Holders to certify that they are exempt from such withholding tax and (b) such Non-U.S. Holders are able to certify that they meet the requirements of such exemption (e.g., because such Non-U.S. Holders are not treated as receiving a dividend under the Section 302 tests described above under the section entitled “Tax Treatment of Redeeming Stockholders—U.S. Holders—Generally”). However, there can be no assurance that any applicable withholding agent will establish such special certification procedures. If an applicable withholding agent withholds excess amounts from the amount payable to a Non-U.S. Holder, such Non-U.S. Holder generally may obtain a refund of any such excess amounts by timely filing an appropriate claim for refund with the IRS. Non-U.S. Holders should consult their tax advisors regarding the application of the foregoing rules in light of their particular facts and circumstances and any applicable procedures or certification requirements.

Taxation of Redemption as a Distribution

In general, any distributions made to a Non-U.S. Holder of common stock, to the extent paid out of the Company’s current or accumulated earnings and profits (as determined under U.S. federal income tax principles), will constitute dividends for U.S. federal income tax purposes and, provided such dividends are not effectively connected with the Non-U.S. Holder’s conduct of a trade or business within the United States (and, if required by an applicable income tax treaty, the Non-U.S. Holder maintains a permanent establishment in the United States to which such dividends are attributable), the Company will be required to withhold tax from the gross amount of the dividend at a rate of thirty percent (30%) of the gross amount of the dividends (or such lower rate specified by an applicable income tax treaty, provided the Non-U.S. Holder furnishes a valid IRS Form W-8BEN or W-8BEN-E (or other applicable documentation) certifying qualification for the lower treaty rate). A Non-U.S. Holder that does not timely furnish the required documentation, but that qualifies for a reduced treaty rate, may obtain a refund of any excess amounts withheld by timely filing an appropriate claim for refund with the IRS. Non-U.S. Holders should consult their tax advisors regarding their entitlement to benefits under any applicable income tax treaty. In addition, if we determine that we are likely to be classified as a “United States real property holding corporation” (see “—Taxation of Redemption as a Sale of Common stock” below), the Company will withhold fifteen percent (15%) of any distribution that exceeds the Company’s current and accumulated earnings and profits, including a distribution in redemption of common stock.

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If dividends paid to a Non-U.S. Holder are effectively connected with the Non-U.S. Holder’s conduct of a trade or business within the United States (and, if required by an applicable income tax treaty, the Non-U.S. Holder maintains a permanent establishment in the United States to which such dividends are attributable), the Non-U.S. Holder will be exempt from the U.S. federal withholding tax described above. To claim the exemption, the Non-U.S. Holder must furnish to the applicable withholding agent a valid IRS Form W-8ECI, certifying that the dividends are effectively connected with the Non-U.S. Holder’s conduct of a trade or business within the United States.

Any such effectively connected dividends will be subject to U.S. federal income tax on a net income basis at the regular graduated rates. A Non-U.S. Holder that is a corporation also may be subject to a branch profits tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty) on such effectively connected dividends, as adjusted for certain items. Non-U.S. Holders should consult their tax advisors regarding any applicable tax treaties that may provide for different rules.

Taxation of Redemption as a Sale of Common stock

A Non-U.S. Holder generally should not be subject to U.S. federal income or withholding tax in respect of gain recognized on a redemption of common stock that is treated as a sale as described above under “—Generally,” unless:

(i).	the gain is effectively connected with the conduct by the Non-U.S. Holder of a trade or business within the United States (and, if required by an applicable income tax treaty, the Non-U.S. Holder maintains a permanent establishment in the United States to which such gain is attributable);
(ii).	the Non-U.S. Holder is a nonresident alien individual present in the United States for 183 days or more during the taxable year of the disposition and certain other requirements are met; or
(iii).	the Company is or has been a “United States real property holding corporation” for U.S. federal income tax purposes at any time during the shorter of the five-year period ending on the date of disposition or the period that the Non-U.S. Holder held common stock and, in the case where the Company’s common stock are treated as regularly traded on an established securities market, the Non-U.S. Holder has owned, directly or constructively, more than five percent (5%) of the Company’s common stock at any time within the shorter of the five-year period preceding the disposition or such Non-U.S. Holder’s holding period for the common stock. There can be no assurance that the Company’s common stock will be treated as regularly traded on an established securities market for this purpose.

Gain described in the first bullet point above generally will be subject to U.S. federal income tax on a net income basis at the regular graduated rates applicable to a U.S. Holder, unless an applicable tax treaty provides otherwise. A Non-U.S. Holder that is a corporation also may be subject to a branch profits tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty) on such effectively connected gain, as adjusted for certain items.

Gain described in the first bullet point above generally will be subject to U.S. federal income tax on a net income basis at the regular graduated rates applicable to a U.S. Holder, unless an applicable income tax treaty provides otherwise. A Non-U.S. Holder that is a corporation also may be subject to a branch profits tax at a rate of thirty percent (30%) (or such lower rate specified by an applicable income tax treaty) on such effectively connected gain, as adjusted for certain items.

If the third bullet point above applies to a Non-U.S. Holder, gain recognized by such Non-U.S. Holder will be subject to tax at generally applicable U.S. federal income tax rates. In addition, the Company may be required to withhold U.S. federal income tax at a rate of fifteen percent (15%) of the amount realized upon such redemption. The Company will be classified as a “United States real property holding corporation” if the fair market value of its “United States real property interests” equals or exceeds 50% of the sum of the fair market value of its worldwide real property interests plus other assets used or held for use in a trade or business, as determined for U.S. federal income tax purposes. It is not expected that the Company would be a United States real property holding corporation in the immediate foreseeable future. However, such determination is factual in nature and subject to change and no assurance can be provided as to whether the Company would be treated as a United States real property holding corporation at the relevant time.

Non-U.S. Holders should consult their tax advisors regarding potentially applicable income tax treaties that may provide for different rules.

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Information Reporting and Backup Withholding

Information returns will be filed with the IRS in connection with payments of dividends on, and the proceeds from a sale of, common stock. A Non-U.S. Holder may have to comply with certification procedures to establish that it is not a U.S. person in order to avoid information reporting and backup withholding requirements. The certification procedures required to claim a reduced rate of withholding under a treaty generally will satisfy the certification requirements necessary to avoid the backup withholding as well.

Backup withholding is not an additional tax. The amount of any backup withholding from a payment to a Non-U.S. Holder generally will be allowed as a credit against such Non-U.S. Holder’s U.S. federal income tax liability and may entitle such Non-U.S. Holder to a refund, provided that the required information is timely furnished to the IRS.

Foreign Account Tax Compliance Act

Provisions commonly referred to as “FATCA” impose withholding of thirty percent (30%) on payments of dividends (including constructive dividends) on common stock to “foreign financial institutions” (which is broadly defined for this purpose and in general includes investment vehicles) and certain other non-U.S. entities unless various U.S. information reporting and due diligence requirements (generally relating to ownership by U.S. persons of interests in or accounts with those entities) have been satisfied by, or an exemption applies to, the payee (typically certified as to by the delivery of a properly completed IRS Form W-8BEN-E). Foreign financial institutions located in jurisdictions that have an intergovernmental agreement with the United States governing FATCA may be subject to different rules. Under certain circumstances, a Non-U.S. Holder might be eligible for refunds or credits of such withholding taxes, and a Non-U.S. Holder might be required to file a U.S. federal income tax return to claim such refunds or credits. While withholding under FATCA would have applied also to payments of gross proceeds from the sale or other disposition common stock on or after January 1, 2019, proposed Treasury Regulations eliminate FATCA withholding on payments of gross proceeds entirely. Taxpayers generally may rely on these proposed Treasury Regulations until final Treasury Regulations are issued.

Non-U.S. Holders should consult their tax advisors regarding the effects of FATCA on their redemption of common stock.

Required Vote

The affirmative vote by holders of 65% of the Company’s outstanding common stock is required to approve the Extension Amendment Proposal and the Trust Amendment Proposal. If either the Extension Amendment Proposal or the Trust Amendment Proposal is not approved, the Extension Amendment and the Trust Amendment will not be implemented and if the Company does not effect the Automatic Extension prior to the end of the Combination Period, the Company will be required by its charter to (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, and subject to having lawfully available funds therefor, redeem 100% of the outstanding common stock, at a per share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including any interest earned on the trust account deposits (which interest shall be net of taxes payable and after setting aside up to $100,000 to pay dissolution expenses), divided by the number of then outstanding common stock, which redemption will completely extinguish stockholders’ rights as stockholders (including the right to receive further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of our remaining stockholders and our Board in accordance with applicable law, dissolve and liquidate, subject in each case to our obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. The Company and the Sponsor may elect to extend the Combination Period under the current charter from March 14, 2023 to June 14, 2023 pursuant to the Automatic Extension, but are under no obligation to do so.

All of the Company’s directors, executive officers and their affiliates are expected to vote any common stock owned by them in favor of the Extension Amendment Proposal and the Trust Amendment Proposal. On the record date, the initial stockholders beneficially owned and were entitled to vote [*] shares, representing [*]% of the Company’s issued and outstanding common stock.

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In addition, the Company and the Company’s initial stockholders, or any of their respective affiliates, may purchase common stock in privately negotiated transactions or in the open market prior to or following the special meeting, although they are under no obligation to do so. Such common stock purchased by the Company or our Sponsor would be (a) purchased at a price no higher than the redemption price for the common stock, which is estimated to be $[*] per share as of the record date and (b) would not be (i) voted by the initial stockholders or their respective affiliates at the special meeting or (ii) redeemable by the initial stockholders or their respective affiliates. Any such purchases that are completed after the record date for the special meeting may include an agreement with a selling stockholder that such stockholder, for so long as it remains the record holder of the shares in question, will vote in favor of the Extension Amendment Proposal and the Trust Amendment Proposal and/or will not exercise its redemption rights with respect to the shares so purchased. The purpose of such share purchases and other transactions would be to increase the likelihood that the proposals to be voted upon at the special meeting is approved by the requisite number of votes and to reduce the number of common stock that are redeemed. In the event that such purchases do occur, the purchasers may seek to purchase shares from stockholders who would otherwise have voted against the Extension Amendment Proposal or the Trust Amendment Proposal and elected to redeem their shares for a portion of the trust account. Any such privately negotiated purchases may be effected at purchase prices that are below or in excess of the per share pro rata portion of the trust account. Any common stock held by or subsequently purchased by our affiliates may be voted in favor of the Extension Amendment or the Trust Amendment Proposal. None of the initial stockholders, advisors or their respective affiliates may make any such purchases when they are in possession of any material non-public information not disclosed to the seller or during a restricted period under Regulation M under the Exchange Act.

Recommendation

As discussed above, after careful consideration of all relevant factors, our Board has determined that both the Extension Amendment Proposal and the Trust Amendment Proposal are in the best interests of the Company and its stockholders. Our Board has approved and declared advisable adoption of both the Extension Amendment Proposal and the Trust Amendment Proposal.

OUR BOARD RECOMMENDS THAT YOU VOTE “FOR” BOTH THE EXTENSION AMENDMENT PROPOSAL AND THE TRUST AMENDMENT PROPOSAL. OUR BOARD EXPRESSES NO OPINION AS TO WHETHER YOU SHOULD REDEEM YOUR COMMON STOCK.

The existence of financial and personal interests of our directors and officers may result in a conflict of interest on the part of one or more of the directors or officers between what he, she or they may believe is in the best interests of the Company and its stockholders and what he, she or they may believe is best for himself, herself or themselves in determining to recommend that stockholders vote for the proposals. See the section entitled “The Extension Amendment Proposal and the Trust Amendment Proposal — Interests of the Company’s Directors and Officers” for a further discussion.

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THE ADJOURNMENT PROPOSAL

Overview

The Adjournment Proposal, if adopted, will allow our Board to adjourn the special meeting to a later date or dates, if necessary or appropriate, to permit further solicitation of proxies in the event that there are insufficient votes for, or otherwise in connection with, the Extension Amendment Proposal or the Trust Amendment Proposal. The Adjournment Proposal will be presented to our stockholders only in the event that there are insufficient votes for, or otherwise in connection with, the approval of the Extension Amendment Proposal or the Trust Amendment Proposal.

Consequences if the Adjournment Proposal is Not Approved

If the Adjournment Proposal is not approved by our stockholders, our Board may not be able to adjourn the special meeting to a later date in the event that there are insufficient votes for, or otherwise in connection with, the approval of the Extension Amendment Proposal or the Trust Amendment Proposal.

Required Vote

The approval of the Adjournment Proposal requires the affirmative vote of a majority of the votes cast by the Company’s stockholders represented in person (including virtually) or by proxy. Accordingly, if a valid quorum is otherwise established, a stockholder’s failure to vote by proxy or online at the special meeting will have no effect on the outcome of any vote on the Adjournment Proposal. Abstentions will be counted in connection with the determination of whether a valid quorum is established but will have no effect on the outcome of the Adjournment Proposal.

Recommendation

As discussed above, after careful consideration of all relevant factors, our Board has determined that the Adjournment Proposal is in the best interests of the Company and its stockholders. Our Board has approved and declared advisable the adoption of the Adjournment Proposal.

OUR BOARD RECOMMENDS THAT YOU VOTE “FOR” THE ADJOURNMENT PROPOSAL.

The existence of financial and personal interests of our directors and officers may result in a conflict of interest on the part of one or more of the directors or officers between what he, she or they may believe is in the best interests of the Company and its stockholders and what he, she or they may believe is best for himself, herself or themselves in determining to recommend that stockholders vote for the proposals. See the section entitled “The Extension Amendment Proposal and the Trust Amendment Proposal — Interests of the Company’s Directors and Officers” for a further discussion.

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PRINCIPAL STOCKHOLDERS

The following table sets forth as of February 17, 2013 the number of shares of common stock beneficially owned by (i) each person who is known by us to be the beneficial owner of more than five percent of our issued and outstanding shares of common stock (ii) each of our officers and directors; and (iii) all of our officers and directors as a group. As of February 17, 2023, we had 9,424,000 shares of common stock issued and outstanding (10,861,500 less 1,437,500 1,437,500 Treasury Stock shares).

Unless otherwise indicated, we believe that all persons named in the table have sole voting and investment power with respect to all shares of common stock beneficially owned by them. The following table does not reflect record of beneficial ownership of any shares of common stock issuable upon exercise of the warrants, as the warrants are not exercisable within 60 days of February 17, 2023.

Name and Address of Beneficial Owner(1)	Number of Shares Beneficially Owned		Approximate Percentage of Outstanding Common Stock (2)
Subash Menon - Director		0		0.00	%
Craig J. Marshak - Director		0		0.00	%
Jamal "jamie" Khurshid - Director		0		0.00	%
Eric T. Shuss - Director		0		0.00	%
Ned L. Siegel - Director		0		0.00	%
Douglas Davis - Director		385,000		4.09
All directors and executive officers as a group (6 individuals)		855,832		9.08	%
Holders of 5% of more of our Common Stock
Periscope Capital Inc.(4)		433,923		4.60
Karpus Investment Management(5)		541,900		5.75
Saba Capital Management, L.P.(6)		576,411		6.12
Mizhuho Financial Group, Inc.(7)		627,795		6.66
Instant Fame, LLC		385,000		4.09

*Less than 1%.

(1) Unless otherwise noted, the business address of each of the following entities or individuals is 8265 West Sunset Blvd, Suite # 107, West Hollywood, CA 90046.

(2) Based on 9,424,000 shares of common stock outstanding.

(3) Intentionally left blank. 

(4) Based on a Schedule 13G as filed with the SEC on February 13, 2023. The business address of the reporting person is 333 Bay Street, Suite 1240, Toronto, Ontario, Canada M5H2R2.

(5) Based on a Schedule 13G as filed with the SEC on February 14, 2023. The business address of the reporting person is 183 Sully’s Trail, Pittsford, New York 14534.

(6) Based on a Schedule 13G/A as filed with the SEC on February 14, 2022. The business address of the reporting person is 405 Lexington Avenue, 58th Floor, New York, NY 10174.

(7) Based on a Schedule 13G as filed with the SEC on February 14, 2022. The business address of the reporting person is 1-5-5, Otemachi, Chiyoda-ku, Tokyo 100-8716, Japan.

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DELIVERY OF DOCUMENTS TO STOCKHOLDERS

Pursuant to the rules of the SEC, the Company and its agents that deliver communications to its stockholders are permitted to deliver to two or more stockholders sharing the same address a single copy of the Company’s proxy statement. Upon written or oral request, the Company will deliver a separate copy of the proxy statement to any stockholder at a shared address who wishes to receive separate copies of such documents in the future. Stockholders receiving multiple copies of such documents may likewise request that the Company deliver single copies of such documents in the future. Stockholders may notify the Company of their requests by emailing or writing the Company at the Company’s principal executive offices at 8265 West Sunset Blvd., Suite #107, West Hollywood, CA 90046, doug.davis@bannixacquisition.com, Attn: Douglas Davis.

WHERE YOU CAN FIND MORE INFORMATION

The Company files annual, quarterly and current reports, proxy statements and other information with the SEC. The SEC maintains an internet web site that contains reports, proxy and information statements, and other information regarding issuers, including us, that file electronically with the SEC. The public can obtain any documents that we file electronically with the SEC at http://www.sec.gov.

You may obtain additional copies of this proxy statement, at no cost, and you may ask any questions you may have about the Extension Amendment Proposal or the Adjournment Proposal by contacting us at the following address or email:

Bannix Acquisition Corp.

8265 West Sunset Blvd., Suite #107, Suite #500

West Hollywood, CA 90046

Attn: Douglas Davis
Email: doug.davis@bannixacquisition.com

You may also obtain these documents at no cost by requesting them in writing or by telephone from the Company’s proxy solicitation agent at the following address and telephone number:

[*]

Tel: [*] (toll-free) or

[*] (banks and brokers can call collect)

Email: [*]

In order to receive timely delivery of the documents in advance of the special meeting, you must make your request for information no later than [*], 2023 (one week prior to the date of the special meeting).

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ANNEX A

PROPOSED CERTIFICATE OF AMENDMENT TO THE

SECOND AMENDED AND RESTATED

CERTIFICATE OF INCORPORATION

OF

BANNIX ACQUISITION CORP.

Bannix Acquisition Corp., a corporation organized and existing under the laws of the State of Delaware (the “Corporation”), does hereby certify:

1. The original certificate of incorporation of the Corporation was filed with the Secretary of State of Delaware on January 21, 2021, as amended on February 4, 2021, and amended and restated and filed with the Secretary of State of the State of Delaware on September 10, 2021 (as amended and restated, the “Certificate of Incorporation”).

2. This Certificate of Amendment to the Certificate of Incorporation was duly proposed, adopted and approved by the Corporation’s board of directors and by the affirmative vote of holders of a majority of the Corporation’s outstanding common stock entitled to vote in accordance with the applicable provisions of Sections 222 and 242 of the General Corporation Law of the State of Delaware.

3. Section 9.1(b) of Article IX of the Certificate of Incorporation is amended and restated to read in its entirety as follows:

“Immediately after the Offering, a certain amount of the net offering proceeds received by the Corporation in the Offering (including the proceeds of any exercise of the underwriters’ over-allotment option) and certain other amounts specified in the Corporation’s registration statement on Form S-1, initially filed with the U.S. Securities and Exchange Commission (the ‘SEC’) on February 19, 2021, as amended (the ‘Registration Statement’), shall be deposited in a trust account (the ‘Trust Account’), established for the benefit of the Public Stockholders (as defined below) pursuant to a trust agreement described in the Registration Statement (the ‘Trust Agreement’). Except for the withdrawal of interest to pay taxes (less up to $100,000 of interest to pay dissolution expenses), none of the funds held in the Trust Account (including the interest earned on the funds held in the Trust Account) will be released from the Trust Account until the earliest to occur of (i) the completion of the initial Business Combination, (ii) the redemption of 100% of the Offering Shares (as defined below) if the Corporation is unable to complete its initial Business Combination within 28 months from the closing of the Offering (or, if the Office of the Delaware Division of Corporations shall not be open for business (including filing of corporate documents) on such date the next date upon which the Office of the Delaware Division of Corporations shall be open) (the “Deadline Date”), which may be extended pursuant to Section 9.1©and (iii) the redemption of shares in connection with a vote seeking to amend such provisions of this Amended and Restated Certificate as described in Section 9.7. Holders of shares of Common Stock included as part of the units sold in the Offering (the ‘Offering Shares’) (whether such Offering Shares were purchased in the Offering or in the secondary market following the Offering and whether or not such holders are one of the sponsors of the Corporation (the ‘Sponsor’), or officers or directors of the Corporation, or affiliates of any of the foregoing) are referred to herein as ‘Public Stockholders.’

4. Section 9.2(d) of Article IX of the Certificate of Incorporation is amended and restated to read in its entirety as follows:

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In the event that the Corporation has not consummated an initial Business Combination within 15 months from the closing of the Offering, the Sponsor may request that the Board extend the period of time to consummate an initial Business Combination by two additional 3 month periods (each, an “Extension Period”), for a total of 21 months to consummate an initial Business Combination (the “Deadline Date”); provided, that for each such Extension Period: (i) the Sponsor or its affiliates or designees has deposited into the Trust Account an amount equal to $600,000, or $690,000 if the underwriters’ over-allotment option is exercised in full ($0.10 per share in either case) on or prior to the date of the applicable deadline, up to an aggregate of $1,200,000 (or $1,380,000 if the underwriters’ over-allotment option is exercised in full), or approximately $0.20 per share; and (ii) there has been compliance with any applicable procedures relating to the Extension Period in the trust agreement and in the letter agreement, both of which are described in the Registration Statement, provided, further in the event that the Corporation has not consummated an initial Business Combination within 21 months from the closing of the Offering, the Board of Directors, in its discretion and without another stockholder vote, if requested by the Sponsor, upon five days prior written notice to the Corporation, may extend the Deadline Date by one month each on up to twelve occasions, up to an additional twelve months (each such month being part of the “Additional Extension Period”), but in no event to a date later than 31 months from the closing of the Offering or 33 months from the closing of the Offering in the event the Automatic Extension has been implemented (or, if the Office of the Delaware Division of Corporations shall not be open for business (including filing of corporate documents) on such date the next date upon which the Office of the Delaware Division of Corporations shall be open), provided that (i) for each one-month Extension Period the Sponsor (or its affiliates or its permitted designees) has deposited into the Trust Account an amount equal to the lesser of (x) $75,000 or (y) $0.07 for each Offering Share that is not redeemed by the last day immediately preceding such Additional Extension Period, in exchange for a non-interest bearing, unsecured promissory note. If the Sponsor requests the Extension Period or any Additional Extension Period, as applicable, then the following applies: (A) the gross proceeds from the issuance of such promissory note referred to in (i) above will be added to the offering proceeds in the Trust Account and shall be used to fund the redemption of the Offering Shares in accordance with this Article IX; (B) if the Corporation completes its initial Business Combination, it will, at the option of the Sponsor, repay the amount loaned under the promissory note out of the proceeds of the Trust Account released to it or issue securities of the Corporation in lieu of repayment in accordance with the terms of the promissory note; and (C) if the Corporation does not complete a Business Combination by the Deadline Date, the Corporation will not repay the amount loaned under the promissory note until 100% of the Offering Shares have been redeemed and only in connection with the liquidation of the Corporation to the extent funds are available outside of the Trust Account.”

5. All other provisions of the Certificate of Incorporation shall remain in full force and effect.

IN WITNESS WHEREOF, the Corporation has caused this Certificate of Amendment to be signed this day of , 2023.

Douglas Davis

Chief Executive Officer

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ANNEX B

PROPOSED FORM OF AMENDMENT NO. 1 TO INVESTMENT

MANAGEMENT TRUST AGREEMENT

THIS AMENDMENT NO. 1 TO THE INVESTMENT MANAGEMENT TRUST AGREEMENT (this “Amendment”) is made as of , 2023, by and between Bannix Acquisition Corp., a Delaware corporation (the “Company”), and Continental Stock Transfer & Trust Company, a New York corporation (the “Trustee”). Capitalized terms contained in this Amendment, but not specifically defined in this Amendment, shall have the meanings ascribed to such terms in the Original Agreement (as defined below).

WHEREAS, on September 14, 2021, the Company consummated an initial public offering (the “Offering”) of units of the Company, each of which is composed of one share of the Company’s common stock, par value $0.01 per share (“Common Stock”), and one redeemable warrant, each warrant entitling the holder thereof to purchase one share of Common Stock and one right to purchaser ;

WHEREAS, $69,690,000 of the gross proceeds of the Offering and sale of the Unit Private Placement (as defined in the Underwriting Agreement) were delivered to the Trustee to be deposited and held in the segregated Trust Account located in the United States for the benefit of the Company and the holders of the shares of Common Stock included in the Units issued in the Offering pursuant to the investment management trust agreement made effective as of September 10, 2021, by and between the Company and the Trustee (the “Original Agreement”);

WHEREAS, the Company has sought the approval of the holders of its shares of Common Stock, at a special meeting to: give the Company the right to extend the date (the “Termination Date”) by which the Company must consummate a business combination (as defined below) (the “Extension”) from March 14, 2023 (the date that is 18 months from the closing date of the Company’s initial public offering of units (the “IPO”)) to March 14, 2024 (the date that is 30 months from the closing date of the IPO) or, in the event the Automatic Extension has been implemented to June 14, 2024 (the date that is 33 months from the closing date of the IPO) (the “Extended Date”) by allowing the Company, without another stockholder vote, to elect to extend the Termination Date to consummate a business combination on a monthly basis up to twelve times by an additional one month each time after the Extended Date, by resolution of the Company’s board of directors (the “Board”), if requested by Instant Fame LLC, a Nevada limited liability company (the “Sponsor”), and upon five days’ advance notice prior to the applicable Termination Date, until March 14, 2024 or June 14, 2024 in the event the Automatic Extension has been implemented (each, an “Additional Charter Extension Date”) or a total of up to fifteen months after the original Termination Date (or eighteen months after the original Terminate Date assuming the Automatic Extension is implemented), unless the closing of a Business Combination shall have occurred prior thereto (the “Trust Amendment”);

WHEREAS, holders of at least sixty-five percent (65%) of the then issued and outstanding shares of Common Stock, approved the Extension Amendment and the Trust Amendment; and

WHEREAS, the parties desire to amend the Original Agreement to, among other things, reflect amendments to the Original Agreement contemplated by the Trust Amendment.

NOW, THEREFORE, in consideration of the mutual agreements contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties hereto agree as follows:

1. Amendment to Trust Agreement. Section 1(i) of the Original Agreement is hereby amended and restated in its entirety as follows:

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“Commence liquidation of the Trust Account only after and promptly after (x) receipt of, and only in accordance with, the terms of a letter from the Company (“Termination Letter”) in a form substantially similar to that attached hereto as either Exhibit A or Exhibit B, as applicable, signed on behalf of the Company by its Chief Executive Officer, Chief Financial Officer, Secretary or Chair of the Board of Directors of the Company (the “Board”) or other authorized officer of the Company, and complete the liquidation of the Trust Account and distribute the Property in the Trust Account, including interest earned on the invested funds held in the Trust Account (net of taxes payable and less up to $100,000 of interest that may be released to the Company to pay dissolution expenses), only as directed in the Termination Letter and the other documents referred to therein, or a one-month extension period, which the Company may extend, by resolution of the Board and without approval of the Company’s stockholders, up to twelve times, each by one additional month (for a total of up to twelve additional months), provided that, for each such extension month, the Company must deposit into the Trust Account an amount equal to the lesser of (A) $75,000 or (B) $0.07 for each public share that is not redeemed in accordance with Section 9.2(b) of the Company’s second amended and restated certificate of incorporation, as it may be amended from time to time, if a Termination Letter has not been received by the Trustee prior to such date, in which case the Trust Account shall be liquidated in accordance with the procedures set forth in the Termination Letter attached as Exhibit B and the Property in the Trust Account, including interest earned on the investment funds held in the Trust Account (net of taxable payable and less up to $100,000 of interest that may be released to the Company to pay dissolution expenses) shall be distributed to the Stockholders of record as of such date. It is acknowledged and agreed that there should be no reduction in the principal amount per share initially deposited in the Trust Account;”

2. Miscellaneous Provisions.

2.1. Successors. All the covenants and provisions of this Amendment by or for the benefit of the Company or the Trustee shall bind and inure to the benefit of their permitted respective successors and assigns.

2.2. Severability. This Amendment shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the validity or enforceability of this Amendment or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Amendment a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.

2.3. Applicable Law. This Amendment shall be governed by and construed and enforced in accordance with the laws of the State of New York.

2.4. Counterparts. This Amendment may be executed in several original or facsimile counterparts, each of which shall constitute an original, and together shall constitute but one instrument.

2.5. Effect of Headings. The section headings herein are for convenience only and are not part of this Amendment and shall not affect the interpretation thereof.

2.6. Entire Agreement. The Original Agreement, as modified by this Amendment, constitutes the entire understanding of the parties and supersedes all prior agreements, understandings, arrangements, promises and commitments, whether written or oral, express or implied, relating to the subject matter hereof, and all such prior agreements, understandings, arrangements, promises and commitments are hereby canceled and terminated.

[Signature page follows]

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date first above written.

Continental Stock Transfer & Trust Company, as Trustee

By:

Name:

Title:

Bannix Acquisition Corp.

By:

Name:

Title:

[Signature Page to Amendment No. 1 to Investment Management Trust Agreement]

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