SoFi CEO enters prepaid forward contract on 1.5 million shares
IRVINE, Calif. - Mobix Labs Inc. (NASDAQ:MOBX), a connectivity solutions company with a market capitalization of $30.34 million, has announced a registered direct offering and concurrent private placement expected to generate $4 million in gross proceeds. According to InvestingPro data, the company has been quickly burning through cash, with a concerning current ratio of 0.13, indicating potential liquidity challenges. The transaction involves the sale of approximately 4.9 million shares of Class A common stock at $0.8202 per share, alongside the issuance of common stock purchase warrants exercisable at the same price.
The offering, priced at-the-market under Nasdaq rules, is set to close on April 7, 2025, contingent on customary closing conditions. Roth Capital Partners serves as the exclusive placement agent for the offering. The company’s stock, currently trading at $0.82, sits below its InvestingPro Fair Value, suggesting potential upside opportunity despite recent challenges.
Proceeds from the offering are earmarked for working capital and general corporate purposes, which appears crucial given the company’s financial position. Despite impressive revenue growth of over 1,000% in the last twelve months to $9.33 million, Mobix Labs has faced significant cash flow challenges. Alongside the new stock and warrants offering, Mobix Labs has agreed to amend the exercise price of certain existing Series A and Series B warrants issued on July 24, 2024, aligning them with the new offering’s exercise price of $0.8202. For deeper insights into Mobix Labs’ financial health and detailed analysis, investors can access comprehensive research reports and additional ProTips through InvestingPro. The term of the Series B Warrants will also be extended.
The securities are being offered under a shelf registration statement previously filed and declared effective by the SEC on January 24, 2025. The final prospectus supplement and accompanying prospectus will be available on the SEC’s website.
The common stock purchase warrants, issued in a private placement, and the shares of common stock underlying the warrants have not been registered under the Securities Act of 1933, as amended, and are subject to restrictions on transfer.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities, nor will there be any sale of these securities in jurisdictions where such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
The information in this article is based on a press release statement from Mobix Labs, Inc.
In other recent news, Mobix Labs reported significant revenue growth for Q1 FY2025, reaching $3.17 million, an 11-fold increase compared to the same quarter last year. The company also improved its adjusted operating loss by 28.9%, reducing it to $2.5 million, while maintaining an adjusted gross margin of 54.1%. Mobix Labs is actively pursuing strategic acquisitions, including Spacecraft Components Corp and SCP Manufacturing, to bolster its position in the aerospace and defense markets. These acquisitions are expected to enhance operational efficiency and profitability.
Additionally, shareholders at the company’s Annual Meeting approved the election of board members and ratified the selection of the independent registered public accounting firm. The meeting saw high participation, with approximately 67.2% of the voting power represented. Analyst firms have not yet provided updates on stock ratings, but Mobix Labs’ ongoing acquisition strategy is drawing attention. The company is withholding near-term revenue guidance due to these acquisitions but remains focused on achieving long-term financial goals. Mobix Labs continues to emphasize its expertise in high-reliability interconnect solutions and wireless technologies.
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