Chavant Capital Acquisition in a regulatory filing said it issued an unsecured convertible note for $360,000 to its sponsor for working capital needs. Any balance on the note may be converted into private placement warrants at $1 each.
In the aggregate, up to $1.5 million of loans under the promissory note, together with any loans under other notes that may be issued in the future to the sponsor may be convertible into new private placement warrants.
Chavant earlier this month said it will ask shareholders to vote on a proposed merger deadline extension from July 22 until Jan. 22 next year. A vote date has not yet been set.
The SPAC raised $80 million in a July 2021 IPO. Chavant is focused on targets in the advanced manufacturing and advanced materials technology sectors.
Chavant is led by CEO amd President Dr. Jiong Ma, who is a venture partner at VC firm Braemar Energy Ventures. Read more.
