MOBIX LABS, INC (MOBX): debt financing — Chavant Capital issues $500K promissory note to sponsor for extension and working capital

MOBIX LABS, INC

Up to $500K unsecured note issued to sponsor Chavant Capital Partners LLC, bearing 10% annual interest.
Funds support working capital and deposit into trust to extend business combination deadline to Jan 22, 2024.
Note matures on earlier of business combination closing or one year from June 22, 2023.
Loan from entity affiliated with existing sponsor investor; repayment from trust only if deal closes.
Proposed business combination with Mobix Labs remains pending; shareholders to vote on extension.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

MOBIX LABS, INC incurred loan of up to $500,000.00 with Chavant Capital Partners LLC at 10.0% per annum maturing upon the earlier of (i) the consummation of the Proposed Transaction and (ii) one year from the date of issuance.

Instrument: loan
Principal: up to $500,000.00
Counterparty: Chavant Capital Partners LLC
Rate: 10.0% per annum
Maturity: upon the earlier of (i) the consummation of the Proposed Transaction and (ii) one year from the date of issuance
Event: incurrence

Exact text from the filing

On June 22, 2023, Chavant Capital Acquisition Corp., a publicly traded special purpose acquisition company incorporated under the laws of the Cayman Islands (“Chavant”), issued an unsecured note (the “Promissory Note”) in the aggregate principal amount of up to $500,000.00 to its sponsor, Chavant Capital Partners LLC (the “Sponsor”).

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Source: SEC EDGAR

accession 0001104659-23-075247

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