Advanced manufacturing SPAC Chavant Capital Acquisition prices downsized $80 million IPO

Chavant Capital Acquisition, a blank check company targeting advanced manufacturing and materials technology, raised $80 million by offering 8 million units at $10. The company offered 2 million fewer units than anticipated. Each unit contains one share of common stock and three-fourths of a warrant, exercisable at $11.50.

The company is led by CEO and Director Jiong Ma, a Venture Partner at Braemar Energy Ventures, and Chairman André-Jacques Auberton-Hervé, co-founder, Chairman Emeritus, and former CEO of Soitec (EPA: SOI). The company plans to target businesses in the advanced manufacturing and advanced materials technology sectors with enterprise values of $600 million or more. 

Chavant Capital Acquisition plans to list on the Nasdaq under the symbol CLAYU. Roth Capital and Craig-Hallum Capital Group acted as joint bookrunners on the deal.