The stock of Chavant Capital Acquisition Corp, is witnessing a substantial surge in its value today. This surge follows the announcement that Irvine-based chip firm Mobix Labs has officially become a publicly traded company through the successful closure of its business combination with Chavant Capital Acquisition Corp.
At the time of this publication, Chavant Capital Acquisition Corp stock (MOBX) has witnessed a surge.
Chavant Capital Acquisition Corp
Current Price: $9.36
Change : +4.14
Change (%): (79.28%)
Volume: 630.9K
Source: Tomorrow Events Market Data
As part of this transformative move, Chavant has undergone a rebranding and is now officially known as Mobix Labs, Inc. The common stock and warrants of the newly formed entity are set to commence trading on the Nasdaq Stock Market (“Nasdaq”) under the ticker symbols “MOBX” and “MOBXW,” respectively, starting December 22.
This pivotal business combination received the stamp of approval from Chavant’s shareholders on December 18. The deal, initially unveiled in November 2022, carried a pro forma enterprise value of a staggering $276 million, signifying the magnitude and strategic significance of this transaction.
Leading up to the shareholder meeting, redemptions amounted to 741,613 shares, with an impressive over 99% of shares being cashed out since the Special Purpose Acquisition Company’s (SPAC) $80 million Initial Public Offering (IPO) in July 2021. Notably, in a recent disclosure, Chavant revealed the addition of a $16.5 million Private Investment in Public Equity (PIPE) deal involving stock and warrants sold to Sage Hill Investors, fortifying support for the Mobix deal. Further support for the PIPE funding was expected with the SPAC’s sponsor intending to purchase nearly $2 million in stock.
The comprehensive restructuring and financial maneuvers leading to this transformation have captured the attention of investors and market enthusiasts alike. The market response to the news has been swift and pronounced, with Chavant’s stock experiencing a notable surge, reflecting the collective optimism and confidence in the newly formed entity, Mobix Labs, Inc.
In a forward-looking move, Mobix Labs has taken strategic steps to ensure robust financial backing, signing a non-binding term sheet with B. Riley Principal Capital for a substantial $100 million equity line of credit. This move underscores the company’s commitment to fueling its growth and innovation initiatives in the dynamic and competitive chip industry.
As the financial landscape continues to evolve, the successful transition of Mobix Labs into the realm of publicly traded companies stands as a testament to the resilience and adaptability of businesses in today’s market. The Chavant-Mobix integration is poised to make waves in the tech and chip sector, and investors are keenly watching the trajectory of “MOBX” and “MOBXW” on the Nasdaq as this new chapter unfolds.
