Chavant Capital Acquisition in a regulatory filing announced its shareholders voted in favor of combining with Mobix Labs, a semiconductor company developing disruptive next-generation connectivity technologies for 5G infrastructure, satellite communications and defense industries. The deal was announced in Novembwer 2022.
The vote was overwhelmingly in support of the deal with 2,496,408 shares cast in favor and 3,004 against.
Redemptions ahead of the meeting totaled 741,613 shares. All told, more than 99% of shares have been cashed out since the SPAC’s $80 million IPO in July 2021.
The meeting had been postponed from last week, when the SPAC disclosed it was still trying to cover the $30 million minimum cash condition to close the deal. Chavant’s PIPE investor, ACE SO4 Holdings, indicated it would be unable to provide the $30 million investment, according to the filing last week.
The latest 8-K disclosing vote results does not state whether the SPAC has been able to close the funding gap. Chavant has until Jan. 22 to do so.
Mobix has signed a non-binding term sheet with B. Riley Principal Capital for a $100 million equity line of credit. Read more.
