LEHI,
Utah, March 7, 2023 /PRNewswire/ -- Banner
Acquisition Corp., a Delaware
corporation ("Banner") (NASDAQ: BNNRU, BNNR, BNNRW), announced
today its intent to create, via business combination with multiple
targets, a new publicly traded platform focused on the property
services sector.
Banner to continue seeking acquisition
targets in cleaning, HVAC, plumbing, pest control, residential
solar, etc.
Banner has entered into multiple letters of intent with target
companies in the sector and intends to continue seeking additional
acquisition targets that provide services in areas such as
cleaning, HVAC, plumbing, landscaping, pest control, residential
solar and energy management, restoration, facility management and
other related businesses.
As a result of the signed letters of intent, pursuant to the
provisions of Banner's Amended and Restated Certificate of
Incorporation (the "Charter"), Banner has until June 10, 2023 to consummate its business
combination. The letters of intent are non-binding with respect to
all material terms, except with respect to certain customary
provisions. There can be no assurance that the parties will enter
into definitive agreements or that the parties will consummate the
transactions on the terms or timeframe currently contemplated, or
at all. If Banner does not consummate a business combination on or
before June 10, 2023, and Banner's
stockholders have not approved an extension of the combination
period by amending the Charter, there will be a mandatory
liquidation and subsequent dissolution of Banner.
Forward Looking Statements
This press release may include, and oral statements made from
time to time by Banner's representatives may include,
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. All statements other
than statements of historical fact are forward-looking statements,
including statements regarding the potential business combination
and expectations regarding the combined business. In
addition, words such as "potential," "estimate," "project,"
"predict," "expect," "continue," "anticipate," "forecast," "plan,"
"possible," "intend," "believe," "seek," "may," "might," "will,"
"if," "could," "should," "future," "propose," "target," "goal,"
"objective," "outlook" and variations of these words or similar
expressions (or the negative versions of such words or expressions)
are intended to identify forward-looking statements. These
forward-looking statements are not guarantees of future
performance, conditions or results, and involve a number of known
and unknown risks, uncertainties, assumptions and other important
factors, many of which are outside of Banner's control, that could
cause actual results or outcomes to differ materially from those
discussed in the forward-looking statements. Important factors,
among others, that may affect actual results or outcomes include:
Banner's inability to enter into a definitive agreement with
respect to the potential business combination or to complete the
contemplated transactions; matters discovered by Banner or the
target companies as they complete their respective due diligence
investigation; the risk that the approval of Banner's stockholders
for the potential transaction is not obtained; the inability to
recognize the anticipated benefits of the proposed business
combination, which may be affected by, among other things, the
amount of funds available in Banner's trust account following any
redemptions by Banner's stockholders; the ability to meet NASDAQ's
listing standards following the consummation of the transactions
contemplated by the proposed business combination; costs related to
the proposed business combination; and those factors discussed in
Banner's prospectus dated September 7,
2021 under the heading "Risk Factors," and other documents
filed, or to be filed, by Banner with the SEC. Banner does not
undertake any obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as required by law.
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SOURCE Banner Acquisition Corp.