Chavant Capital (CLAY) Shareholders Approve Mobix Labs Deal

Chavant Capital Acquisition Corp. (NASDAQ:CLAY) announced this afternoon that its shareholders approved its business combination with Mobix Labs during a special meeting held earlier today.

At the meeting, holders of 2,499,412 ordinary shares of CLAY, representing approximately 89.94% of all of the shares entitled to vote, were present. The transaction was overwhelmingly approved as holders of 2,496,408 shares approved the deal while holders of just 3,004 shares pushed back against it.

In connection with the meeting, shareholders holding 741,613 ordinary shares exercised their right to redeem such shares. As a results, an aggregate total of 99.53% of the SPAC’s trust have been redeemed across all of its votes, including prior redemptions at extension votes.

Last month, the SPAC amended its combination involving specific alterations to the exchange ratio, now set at a one-to-one ratio to determine how many shares of Class A Common Stock and Class B Common Stock Mobix Labs’ capital interests will convert into.

Additionally, the outside date for the transaction was extended from November 22, 2023 to January 22, 2024.

The parties have not yet disclosed a timeline for the closing of the deal. But, upon closing, the SPAC intends to apply to continue the listing of the shares of Class A Common Stock and warrants of New Mobix Labs on The Nasdaq under the symbols “MOBX” and “MOBXW”, respectively.

Chavant Capital inked its $276 million business combination with Mobix Labs in November 2022. Irvine, California-based Mobix Labs is a fabless semiconductor company developing disruptive wireless and connectivity solutions.