Irvine-based chip startup Mobix Labs Inc., which focuses on next-generation 5G wireless communications, plans to go public via a public merger with Chavant Capital Acquisition Corp. (NasdaqCM: CLAY), a publicly traded special purpose acquisition company.
Mobix plans to be traded on the Nasdaq, and will stay based in Irvine, Â Mobix Labs said in a statement today.
The company will continue to be led by Executive Chairman James Peterson, CEO Fabian Battaglia and President and Chief Financial Officer Keyvan Samini.
The transaction values Mobix Labs with an implied pro-forma enterprise value of approximately $276 million and an implied pro-forma equity value of approximately $295 million, at a price of $10 per share, assuming no redemptions by Chavant shareholders.
The transaction is expected to be completed in the first half of 2023.
