Chavant Capital Acquisition Corp. (NASDAQ:CLAY) announced in an 8-K filing this afternoon that it has amended its business combination agreement with Mobix Labs.
The amendment involves specific alterations to the exchange ratio, now set at a one-to-one ratio to determine how many shares of Class A Common Stock and Class B Common Stock Mobix Labs’ capital interests will convert into.
Additionally, the outside date for the transaction was extended from November 22, 2023 to January 22, 2024.
Chavant Capital and Mobix Labs also removed the condition to closing that the SPAC must have at least $5,000,001 of net tangible assets after giving effect to the PIPE and redemptions. The condition regarding a minimum of $50 million in available cash at closing remains unchanged.
In exchange for agreeing to such changes, Mobix Labs issued a warrant to the PIPE investor, ACE SO4 Holdings. This warrant allows the investor to purchase 700,000 shares of Mobix Labs’ common stock at $0.01 per share. The warrant becomes exercisable on the earlier to occur of the closing of the Proposed Transaction and the termination of the Business Combination Agreement. At the proposed transaction’s closing, the warrant will convert into 700,000 shares of Class A Common Stock of New Mobix Labs.
Chavant Capital inked its $276 million business combination with Mobix Labs in November 2022 and plans to hold a meeting on December 14 for shareholders to vote on the deal. The SPAC intends to apply to continue the listing of the shares of Class A Common Stock and warrants of New Mobix Labs on The Nasdaq under the symbols “MOBX” and “MOBXW”, respectively, upon the closing.
Irvine, California-based Mobix Labs is a fabless semiconductor company developing disruptive wireless and connectivity solutions.
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