Special purpose acquisition company Chavant Capital Acquisition Corp. went public on Nasdaq Capital Market today. The firm is looking to raise US$80.0 million through its initial public offering.
The offering consists of 8.0 million units priced at US$10.00 per unit. Each unit is composed of one common share and three-quarters of a purchase warrant. Each whole warrant is redeemable for one common share at US$11.50 per share.
The company units trade on the Nasdaq big board under the symbol “CLAYU”. Once the securities separate, the company shares and warrants will trade under the ticker symbols “CLAY” and “CLAYW”, respectively.
The proposed offering is being managed by Roth Capital Partners and Craig-Hallum Capital as joint bookrunners, which the company granted a 45-day over-allotment option to purchase additional 1.2 million company units.
The offering is expected to close on July 22, 2021, subject to customary closing conditions.
The newly-organized blank check company also relayed that it will be looking to transact with firms focused on advanced manufacturing and advanced materials technology sectors.
Information for this briefing was found via Sedar and Chavant Capital. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.