Business Context and Reporting Period
This Form 8-K is filed by Chavant Capital Acquisition Corp. (not Mobix Labs, Inc., as indicated in the metadata) on July 14, 2022. The company is a Cayman Islands-based special purpose acquisition company (SPAC) listed on the Nasdaq. The report details shareholder approval of an extension to the deadline for consummating an initial business combination and the issuance of a new promissory note to the company's sponsor.
Key Financial Metrics
- Trust Account Balance: Approximately $9,575,800 following shareholder redemptions and an initial deposit.
- Redemptions: Shareholders redeemed 7,046,967 ordinary shares.
- New Debt: Issuance of an unsecured convertible promissory note with a principal amount of up to $490,000.
- Monthly Deposit Requirement: $31,450.09 per month (or portion thereof) required to be deposited into the Trust Account to maintain the extension.
- Revenue/Profit/Cash Flow: The filing does not provide specific revenue, profit, or operating cash flow figures for the period.
Material Changes
- Extension of Business Combination Deadline: Shareholders approved amending the Articles of Association to extend the deadline for an initial business combination from July 22, 2022, to January 22, 2023.
- Shareholder Voting Results: Of the 8,079,108 shares present (80.79% of voting power), 8,038,650 voted "For," 17,809 voted "Against," and 22,649 abstained.
- Capital Structure Change: The company incurred a new financial obligation via the $490,000 promissory note to fund working capital and Trust Account deposits.
Guidance, Outlook, and Risks
- Outlook: The company expects to continue depositing $31,450.09 monthly into the Trust Account until the new deadline of January 22, 2023, to complete a business combination.
- Debt Terms: The new note bears no interest. It is convertible into private placement warrants at $1.00 per warrant upon a business combination. If not converted, it must be repaid by December 31, 2023, or five business days after a business combination.
- Risks: The filing includes standard forward-looking statement disclaimers, noting that actual results may differ due to risks outlined in the company's Form 10-K and Proxy Statement. There is no assurance a business combination will be completed by the extended date.
Investor Verification Checklist
- Verify the exact number of non-redeeming public shares to confirm the $31,450.09 monthly deposit calculation.
- Confirm the total aggregate amount of convertible loans to the sponsor (up to $1,500,000) and the specific terms of the New Private Placement Warrants.
- Review the full text of the Promissory Note (Exhibit 10.1) for any additional covenants or repayment conditions.
- Monitor future filings to track the monthly deposits into the Trust Account and the company's progress toward a business combination by January 22, 2023.