Chavant Capital Acquisition said it was notified by the Nasdaq that it does not satisfy a listing rule requiring at least 300 public holders. The SPAC has 45 calendar days to submit a plan to regain compliance.
Chavant Capital has a merger agreement with Mobix Labs, a deal with an implied pro forma enterprise value of approximately $276 million.
Announced in November, the transaction includes $30 million fully committed common stock PIPE. In addition, Mobix Labs has signed a non-binding term sheet with B. Riley Principal Capital for a $100 million equity line of credit.
Chavant shareholders approved a six-month extension in July to close the deal, although 77,130 shares were redeemed.
Irvine, CA-based Mobix Labs is a provider of next generation wireless mmWave 5G and connectivity solutions.
Chavant had raised $80 million in a July 2021 IPO. Read more.
