Brief: Bannix Re-Evaluates Accounting For Warrants Issued As In Public Units Sold In IPO

VisionWave Holdings

31/08/2022 13:57

Aug 31 (Reuters) - Bannix Acquisition Corp  BNIX.O :
    * BANNIX ACQUISITION - IN CONNECTION WITH STATEMENTS FOR
QUARTER
ENDED JUNE 30, RE-EVALUATED ACCOUNTING FOR WARRANTS ISSUED AS IN
PUBLIC UNITS SOLD IN IPO
    * BANNIX ACQUISITION - COMPANY DETERMINED THAT THEY HAD BEEN
INAPPROPRIATELY ACCOUNTED FOR AS LIABILITIES RATHER THAN EQUITY
FOR QUARTER ENDED JUNE 30
    * BANNIX ACQUISITION - DOES NOT EXPECT CHANGES TO HAVE ANY
IMPACT
ON ITS CASH POSITION
    * BANNIX ACQUISITION -  MATERIAL WEAKNESS EXISTS IN INTERNAL
CONTROL OVER FINANCIAL REPORTING & CO'S DISCLOSURE CONTROLS,
PROCEDURES WERE NOT EFFECTIVE

Source: (https://bit.ly/3AsPMzu)
Further company coverage:  BNIX.O 

 ((Reuters.Briefs@thomsonreuters.com;))