Chavant Capital Acquisition in a regulatory filing said tomorrow’s shareholder meeting to vote on a proposed Merger with Mobix Labs has been postponed until Dec. 18 while it tries to satisfy the $30 million minimum cash condition to close the deal.
The SPAC’s PIPE investor, ACE SO4 Holdings, has indicated it will be unable to provide the $30 million investment, according to the filing.
Mobix could waive the cash requirement but so far has not done so.
“Chavant, Mobix Labs and the PIPE Investor continue their efforts to obtain additional financing in an amount such that Mobix Labs may consider waiving the Minimum Cash Condition in its discretion,” the filing states.
Mobix is a semiconductor company developing disruptive next-generation connectivity technologies for 5G infrastructure, satellite communications and defense industries.
The deal was announced in November 2022.
Mobix Labs has signed a non-binding term sheet with B. Riley Principal Capital for a $100 million equity line of credit. Read more.
