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Banner Acquisition Corp. announces separate trading of its Class A Common Stock

Lehi — Banner Acquisition Corp. (the “Company”) today announced that commencing October 29, 2021, holders of the units (the “Units”) sold in the Company’s initial public offering may elect to separately trade the shares of Class A common stock, par value $0.0001 per share (“Class A Common Stock”) and redeemable warrants included in the Units. Each Unit consists of one share of Class A Common Stock and one-half of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one share of our Class A Common Stock at a price of $11.50 per share, subject to adjustment. No fractional warrants will be issued upon separation of the Units and only whole warrants will trade. The shares of Class A Common Stock and whole redeemable warrants that are separated will trade on the NASDAQ Stock Market (the “NASDAQ”) under the symbols “BNNR” and “BNNRW,” respectively. Those Units not separated will continue to trade on the NASDAQ under the symbol “BNNRU.” Holders of the Units will need to have their brokers contact American Stock Transfer & Trust Company, LLC, the Company’s transfer agent, in order to separate the holders’ Units into shares of Class A Common Stock and redeemable warrants.

The Units were initially offered by the Company in an underwritten offering. BofA Securities, Inc. acted as sole book-running manager and underwriter for the offering.

A registration statement relating to the Units and the underlying securities became effective on September 7, 2021. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities of the Company, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. A copy of the final prospectus relating to the offering may be obtained for free by visiting the US Securities and Exchange Commission (the “SEC”) website at http://www.sec.gov.

Kelsie Foreman is the senior editor of Utah Business.