Chavant Capital (NASDAQ:CLAY) announced in an 8-K this morning that it has added $16.9 million in PIPE commitments to its merger with semiconductor maker Mobix Labs through a pair of instruments and it is working to tack on more.

Sage Hill Investors have subscribed for $15 million of this amount, which will buy 1,500,000 shares at $10 per share as well as a warrant to 1,500,000 more for $0.01. Chavant’s sponsor will also purchase 199,737 for $10 per share and receive a warrant for 272,454 more at the same penny price.

In conjunction with this, the sponsor has also agreed to forgive an equal amount of loan obligations and expenses held by the SPAC and will further forfeit 658,631 promote shares (32.9%) and 400,000 private placement warrants (11.7%).

These additions stack onto $30 million in PIPE commitments Chavant had assembled at announcement, and it is in talks for $3.5 million more under similar terms. These investors would receive a warrant to purchase 200,000 shares at close but these agreements have not been fully executed.

On the whole, the agreements bring a fair amount of dilution, but the $47 million in upfront cash would still rank as the fourth-largest PIPE struck for a SPAC deal in 2023.

Yesterday, Chavant announced that its shareholders had approved the combination, but the SPAC saw 741,613 shares redeemed in connection with the vote, bringing its final tally to 99.5% redeemed.

The parties have not yet disclosed a timeline for the closing of the deal. But, upon closing, the combined company is expected to trade on the Nasdaq under the symbols “MOBX” and “MOBXW”, respectively.

Chavant Capital inked its $276 million business combination with Mobix Labs in November 2022. Irvine, California-based Mobix Labs is a fabless semiconductor company developing disruptive wireless and connectivity solutions.