10:51 AM EDT, 07/23/2024 (MT Newswires) -- Mobix Labs ( MOBX ) said Tuesday it closed the sale of 2.9 million Class A common shares and Class B warrants for roughly $4 million in a private placement.

Net proceeds will be allocated toward working capital, probable future acquisitions and related operating expenses. the company said.

The sale is expected to close by Wednesday, it added.

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