UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): December 14, 2023
CHAVANT CAPITAL ACQUISITION CORP.
(Exact name of registrant as specified in its charter)
Cayman Islands |
001-40621 |
98-1591717 |
(State or other jurisdiction
of incorporation) |
(Commission
File Number) |
(IRS Employer
Identification No.) |
445 Park Avenue, 9th Floor
New
York, New York |
10022 |
(Address of principal executive offices) |
(Zip Code) |
Registrant’s telephone number, including
area code: (212) 745-1086
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
x
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b)
of the Act:
Title of each class |
|
Trading
Symbol(s) |
|
Name of
each exchange on which registered |
Units, each consisting of one ordinary share, par value $0.0001 per share, and three-quarters of one redeemable warrant |
|
CLAYU |
|
The Nasdaq Stock Market LLC |
Ordinary shares, par value $0.0001 per share |
|
CLAY |
|
The Nasdaq Stock Market LLC |
Redeemable warrants, each warrant exercisable for one ordinary share, each at an exercise price of $11.50 per share |
|
CLAYW |
|
The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company x
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided puersuant to Section 13(a) of th Exchange Act.
Introductory Note
As previously announced, on November 15, 2022,
Chavant Capital Acquisition Corp., a publicly traded special purpose acquisition company incorporated under the laws of the Cayman Islands
(“Chavant”), CLAY Merger Sub II, Inc., a Delaware corporation and newly formed, wholly-owned direct subsidiary of Chavant
(“Merger Sub”), and Mobix Labs, Inc., a Delaware corporation (the “Company” or “Mobix Labs”), entered
into a business combination agreement (as amended, supplemented or otherwise modified, the “Business Combination Agreement”),
pursuant to which, among other things, Merger Sub will merge with and into Mobix Labs, with Mobix Labs surviving the merger as a wholly-owned
direct subsidiary of Chavant (the “Merger” and, together with the other transactions related thereto, the “Proposed
Transaction”). Upon closing of the Proposed Transaction, the combined company will be named Mobix Labs, Inc. (referred to herein
as “Mobix”).
In connection with the Proposed Transaction, Chavant
filed with the Securities and Exchange Commission (the “SEC”) a registration statement on Form S-4, as amended (File No. 333-271197),
containing a proxy statement/prospectus, which was declared effective on November 13, 2023. On November 15, 2023, Chavant filed a definitive
proxy statement/prospectus, dated November 13, 2023, with the SEC (the “Base Proxy Statement/Prospectus”). On November 30,
2023, Chavant filed Supplement No. 1, dated November 30, 2023, to the Base Proxy Statement/Prospectus with the SEC (the “First Supplement”),
and on December 12, 2023, Chavant Supplement No. 2, dated December 12, 2023, to the Base Proxy Statement/Prospectus with the SEC (the
“Second Supplement” and, together with the Base Proxy Statement/Prospectus and the First Supplement, the “Proxy Statement/Prospectus”).
On November 30, 2023, Chavant also filed with the SEC a registration statement on Form S-4 (File No. 333-275818) pursuant to General Instruction
K of Form S-4 and Rule 462(b) under the Securities Act of 1933, as amended (the “462(b) Registration Statement”), for the
sole purpose of registering shares of Class A Common Stock for issuance as additional merger consideration in connection with the Proposed
Transaction. Capitalized terms not defined herein have their meanings defined in the Proxy Statement/Prospectus.
Item 5.07 |
Submission of Matters to a Vote of Security Holders. |
On December 14, 2023, Chavant held an extraordinary
general meeting of its shareholders (the “Adjournment Meeting”) at which the only proposal presented for shareholder consideration
was the Adjournment Proposal, as described in the Proxy Statement/Prospectus.
Holders of 2,338,773 ordinary shares of the Chavant,
representing approximately 84.16% of all of the shares entitled to vote at the Adjournment Meeting, were present in person or were represented
by valid proxies; therefore, a quorum was present at the Adjournment Meeting.
Set forth below are the voting results for the
Adjournment Proposal:
For | |
Against | |
Abstain | |
Broker Non-Votes |
2,496,408 | |
3,004 | |
0 | |
N/A |
Upon approval of the Adjournment Proposal on December
14, 2023, as described in Item 5.07 above, Chavant adjourned, without conducting any further business, the Special Meeting to be held
to approve, among other things, the Proposed Transaction. The Special Meeting will be reconvened at 1:00 p.m., Eastern time, on December
18, 2023. The Special Meeting will still be held virtually at https://www.cstproxy.com/chavantcapital/egm2023.
The physical location of the meeting is at the
offices of Simpson Thacher & Bartlett LLP located at 425 Lexington Avenue, New York, New York 10017, United States of America. If
you plan on attending in person please email list-ChavantSpecialMeeting@lists.stblaw.com at least one day prior to the Special
Meeting.
Accordingly, Chavant extended the deadline
for the exercise of redemption rights with respect to the Public Shares to 5:00 p.m., Eastern time, on December 14, 2023. As of the
previous deadline for the exercise of redemption rights at 5:00 p.m., Eastern time, on December 12, 2023, shareholders holding
751,167 ordinary shares of Chavant have exercised their right to redeem such shares for a pro rata portion of the funds in
Chavant’s trust account established in connection with its initial public offering.
As disclosed in Chavant’s Current Report
on Form 8-K filed with the SEC on December 12, 2023, as of December 12, 2023, Chavant believed that it would not be able to satisfy the
Minimum Cash Condition on or around the initial contemplated date of the Special Meeting of December 14, 2023. Chavant, Mobix Labs and
the PIPE Investor continue their efforts to obtain additional financing in an amount such that Mobix Labs may consider waiving the Minimum
Cash Condition in its discretion, and Chavant has adjourned the Special Meeting to provide additional time to obtain such financing.
Important Information About the Proposed Transaction
and Where to Find It
In connection with the Proposed Transaction,
Chavant filed a registration statement on Form S-4 (File No. 333-271197) (as amended, the “Registration Statement”) with
the SEC, which includes a proxy statement with respect to the shareholder meeting of Chavant to vote on the Proposed Transaction and
a prospectus with respect to the combined company’s securities to be issued in connection with the Proposed Transaction. The
Registration Statement was declared effective by the SEC on November 13, 2023. The definitive proxy statement/prospectus has been
sent to Chavant shareholders on or after November 15, 2023. Chavant has also filed the 462(b) Registration Statement with the SEC,
which became effective upon filing. Chavant also will file with the SEC other documents regarding the Proposed Transaction, and
Chavant also filed the First Supplement and Second Supplement.
Before making any voting decision with respect
to the Proposed Transaction, investors and security holders of Chavant are urged to read the Registration Statement, the proxy statement/prospectus,
and amendments thereto, and the definitive proxy statement/prospectus in connection with Chavant’s solicitation of proxies for its
shareholders’ meeting to be held to approve the transaction, and all other relevant documents filed or that will be filed with the
SEC in connection with the Proposed Transaction as they become available, because they will contain important information about Chavant,
Mobix Labs and the Proposed Transaction.
Investors and securityholders will be able to
obtain free copies of the Registration Statement, the proxy statement/prospectus and all other relevant documents filed or that will be
filed with the SEC by Chavant through the website maintained by the SEC at www.sec.gov.
The documents filed by Chavant with the SEC also
may be obtained free of charge at Chavant’s website at www.chavantcapital.com or upon written request to: Chavant Capital Acquisition
Corp., 445 Park Avenue, 9th Floor New York, NY 10022.
NEITHER THE SEC NOR ANY STATE SECURITIES REGULATORY
AGENCY HAS APPROVED OR DISAPPROVED THE TRANSACTIONS DESCRIBED IN THIS FORM 8-K, PASSED UPON THE MERITS OR FAIRNESS OF THE TRANSACTION
OR RELATED TRANSACTIONS OR PASSED UPON THE ADEQUACY OR ACCURACY OF THE DISCLOSURE IN THIS FORM 8-K. ANY REPRESENTATION TO THE CONTRARY
CONSTITUTES A CRIMINAL OFFENSE.
Participants in Solicitation
Mobix Labs and Chavant and their respective directors
and officers and other members of management may, under SEC rules, be deemed to be participants in the solicitation of proxies from Chavant’s
shareholders with the Proposed Transaction and the other matters set forth in the Registration Statement. Information about Chavant’s
directors and executive officers is set forth in Chavant’s filings with the SEC, including Chavant’s 2022 Form 10-K and the
Registration Statement. Additional information regarding the direct and indirect interests, by security holdings or otherwise, of those
persons and other persons who may be deemed participants in the Proposed Transaction may be obtained by reading the proxy statement/prospectus
regarding the Proposed Transaction when it becomes available. You may obtain free copies of these documents as described above under “Important
Information About the Proposed Transaction and Where to Find It.”
Forward-Looking Statements
This Form 8-K contains certain “forward-looking
statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 27A of the Securities
Act and Section 21E of the Exchange Act. All statements other than statements of historical fact contained in this Form 8-K, including
statements regarding the benefits of the Proposed Transaction and the anticipated timing of the completion of the Proposed Transaction,
the products offered by Mobix Labs and the markets in which it operates, the expected total addressable markets for the products offered
by Mobix Labs, the advantages of Mobix Labs’ technology, Mobix Labs’ competitive landscape and positioning, and Mobix Labs’
growth plans, strategies and projected future results, are forward-looking statements. Some of these forward-looking statements can be
identified by the use of forward-looking words, including “may,” “should,” “expect,” “intend,”
“will,” “estimate,” “anticipate,” “believe,” “predict,” “plan,”
“targets,” “projects,” “could,” “would,” “continue,” “forecast”
or the negatives of these terms or variations of them or similar expressions. All forward-looking statements are subject to risks, uncertainties,
and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements.
All forward-looking statements are based upon estimates, forecasts and assumptions that, while considered reasonable by Chavant and its
management, and Mobix Labs and its management, as the case may be, are inherently uncertain and many factors may cause the actual results
to differ materially from current expectations which include, but are not limited to:
· |
the risk that the Proposed Transaction may not be completed in a timely manner or at all, which may adversely affect the price of Chavant’s securities; |
· |
the risk that the Proposed Transaction may not be completed by Chavant’s deadline for the Proposed Transaction and the potential failure to obtain an extension of the deadline for the Proposed Transaction if sought by Chavant; |
· |
the failure to satisfy the conditions to the consummation of the Proposed Transaction, including the adoption of the Business Combination Agreement by the shareholders of Chavant and the satisfaction of the minimum cash amount following redemptions by Chavant’s public shareholders; |
· |
the lack of a third party valuation in determining whether or not to pursue the Proposed Transaction; |
· |
the occurrence of any event, change or other circumstance that could give rise to the termination of the Business Combination Agreement; |
· |
the effect of the announcement or pendency of the Proposed Transaction on Mobix Labs’ business relationships, performance, and business generally; |
· |
risks that the Proposed Transaction disrupts current plans of Mobix Labs and potential difficulties in Mobix Labs’ employee retention as a result of the Proposed Transaction; |
· |
the outcome of any legal proceedings that may be instituted against Mobix Labs or against Chavant related to the Business Combination Agreement or the Proposed Transaction; |
· |
failure to realize the anticipated benefits of the Proposed Transaction; |
· |
the inability to meet and maintain the listing of Chavant’s securities (or the securities of the post-combination company) on Nasdaq; |
· |
the risk that the price of Chavant’s securities may be volatile due to a variety of factors, including changes in the highly competitive industries in which Mobix Labs plans to operate, variations in performance across competitors, changes in laws, regulations, technologies including transition to 5G, global supply chain, U.S./China trade or national security tensions, and macro-economic and social environments affecting Mobix Labs’ business and changes in the combined capital structure; |
· |
the inability to implement business plans, forecasts, and other expectations after the completion of the Proposed Transaction, and identify and realize additional opportunities; |
· |
the risk that Mobix Labs is unable to successfully commercialize its semiconductor products and solutions, or experience significant delays in doing so; |
· |
the risk that Mobix Labs may never achieve or sustain profitability; |
· |
the risk that Mobix Labs will need to raise additional capital to execute its business plan, which may not be available on acceptable terms or at all; |
· |
the risk that the post-combination company experiences difficulties in managing its growth and expanding operations; |
· |
the risks relating to long sales cycles, concentration of customers, consolidation and vertical integration of customers, and dependence on manufacturers and channel partners; |
· |
the risk that Mobix Labs may not be able to consummate planned strategic acquisitions, or fully realize anticipated benefits from past or future acquisitions or investments; |
· |
the risk that Mobix Labs’ patent applications may not be approved or may take longer than expected, and Mobix Labs may incur substantial costs in enforcing and protecting its intellectual property; |
· |
inability to complete the PIPE investment in connection with the Proposed Transaction; and |
· |
other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in Chavant’s Annual Report on Form 10-K for the year ended December, 31, 2022, which was filed with the SEC on March 31, 2023 (the “2022 Form 10-K”), as such factors may be updated from time to time in Chavant’s filings with the SEC, the Registration Statement and the proxy statement/prospectus contained therein. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. |
Nothing in this Form 8-K should be regarded as
a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results
of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only
as of the date they are made. Neither Chavant nor Mobix Labs gives any assurance that either Chavant, Mobix Labs or the combined company
will achieve its expected results. Neither Chavant nor Mobix Labs undertakes any duty to update these forward-looking statements, except
as otherwise required by law.
No Offer or Solicitation
This Form 8-K is not a proxy statement or solicitation
of a proxy, consent or authorization with respect to any securities or in respect of the Proposed Transaction and is not intended to and
does not constitute an offer to sell or the solicitation of an offer to buy, sell or solicit any securities or any proxy, vote or approval,
nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such jurisdiction. No offer of securities shall be deemed to be made except by means
of a prospectus meeting the requirements of Section 10 of the Securities Act.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
CHAVANT CAPITAL ACQUISITION CORP. |
|
|
|
Date: December 14, 2023 |
By: |
/s/ Jiong Ma |
|
Name: |
Jiong Ma |
|
Title: |
Chief Executive Officer |
Chavant Capital Acquisit... (NASDAQ:CLAYU)
Historical Stock Chart
From Jun 2024 to Jul 2024
Chavant Capital Acquisit... (NASDAQ:CLAYU)
Historical Stock Chart
From Jul 2023 to Jul 2024