Mobix Labs, Inc. Closes Business Combination with Chavant Capital Acquisition Corp., Becomes Publicly Traded
December 21 2023 - 7:59PM
Mobix Labs, Inc. (“Mobix Labs” or the “Company”), a fabless
semiconductor company developing disruptive next-generation
connectivity technologies for 5G infrastructure, satellite
communications and defense industries, today announced that its
previously announced business combination with Chavant Capital
Acquisition Corp. (“Chavant”) (Nasdaq: CLAY) has closed, resulting
in Mobix Labs becoming a publicly traded company.
The business combination and all other proposals presented were
approved at an extraordinary general meeting of Chavant
shareholders held on December 18, 2023. In connection with the
completion of the business combination, Chavant was renamed Mobix
Labs, Inc. and its common stock and warrants will begin trading on
the Nasdaq Stock Market (“Nasdaq”) under the ticker symbols “MOBX”
and “MOBXW,” respectively, on December 22, 2023. Mobix Labs’
current management team will continue to lead the Company.
“Today marks a significant milestone for our company as we
embark on a new chapter of growth and innovation,” said Fabian
Battaglia, Chief Executive Officer of Mobix Labs. “Going public on
Nasdaq is not just a financial achievement, but a testament to the
dedication and expertise of our board, management team and talented
employees, as we utilize the capital markets to help accelerate our
acquisition strategy and deliver best-in-class wireless and wired
solutions to the global communications market.”
“As the opening bell rings and our stock begins trading on
Nasdaq, we recognize the exceptional efforts of both companies to
get this deal closed,” said Keyvan Samini, President and Chief
Financial Officer of Mobix Labs. “Our entry into the public arena
is further evidence of our resolve and the confidence placed in our
vision, as we grow Mobix Labs organically and through strategic
acquisitions, bringing our disruptive technologies to market while
building shareholder value.”
About Mobix Labs, Inc. Based in
Irvine, California, Mobix Labs is a fabless semiconductor company
developing disruptive next generation wireless and connected
solutions that are designed to cater to a broad range of
applications in markets including 5G infrastructure, satellite
communications, automotive, consumer electronics, e-mobility,
healthcare, infrastructure and defense. Through its True5G™ and
True Xero™ technologies, the company develops ultra-compact, fully
integrated, single-chip, single-die, CMOS-based beamformers,
antenna solutions and RF/mixed signal semiconductors, as well as
hybrid active optical cables, transceivers and optical engines.
Forward-Looking Statements This
press release contains forward-looking statements. These statements
are made under the “safe harbor” provisions of the U.S. Private
Securities Litigation Reform Act of 1995. Statements that are not
historical facts, including statements about the Mobix Labs’
beliefs and expectations about the Company’s future performance,
are forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties, and a number of factors could
cause actual results to differ materially from those contained in
any forward-looking statement. These factors include, but are not
limited to, (i) the effect of the Business Combination on Mobix
Labs’ business relationships, performance, and business generally;
(ii) the outcome of any legal proceedings that may be instituted
against Mobix Labs or against Chavant following the completion of
the Business Combination; (iii) the ability to meet Nasdaq listing
standards; (iv) expectations regarding possible or assumed future
results of operations, (v) growth of the market and industries in
which Mobix Labs serves, (vi) capital and credit market volatility,
(vii) local and global economic conditions, (viii) our anticipated
growth strategies, (ix) regulatory authority and other governmental
approvals and regulations, and (x) our future business development,
results of operations and financial condition. In some cases,
forward-looking statements can be identified by words or phrases
such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,”
“estimate,” “intend,” “plan,” “believe,” “potential,” “continue,”
“is/are likely to” or other similar expressions. All information
provided in this press release is as of the date of this press
release, and Mobix Labs undertakes no duty to update such
information, except as required under applicable law.
Media and Investor Contacts: George
Medici/Laurie Berman PondelWilkinson
Inc. 310.279.5980 gmedici@pondel.com lberman@pondel.com
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