Mobix Labs today announced that its business combination with Chavant Capital Acquisition has closed. Mobix is a fabless semiconductor company developing disruptive next-generation connectivity technologies for 5G infrastructure, satellite communications and defense industries.
The business combination was approved Dec. 18 by Chavant’s shareholders.
The deal was announcedd in November 2022 at a pro forma enterprise value of $276 million.
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. Chavant last week disclosed it had added a $16.5 million PIPE of stock and warrants sold to Sage Hill Investors in support of the Mobix deal. The SPAC’s sponsor was also expected to buy nearly $2 million in stock to bolster the PIPE funding.
Mobix has signed a non-binding term sheet with B. Riley Principal Capital for a $100 million equity line of credit.
