Mobix Labs, Inc. (MOBX) disclosed multiple financing agreements, including the issuance of a $1.2 million senior secured convertible promissory note. The company also announced a significant corporate governance update, converting all outstanding Class B common stock into Class A common stock, thereby eliminating its dual-class share structure.
Key Details
- Financing Agreements: On August 28, 2026, MOBX issued a $1.2 million senior secured convertible note to Leviston Resources, LLC for a purchase price of $1.0 million. The note bears a 10% annual interest rate and matures on December 25, 2026. Separately, the company amended an agreement with Kips Bay Select, LP, selling additional convertible preferred stock and issuing a warrant for up to 6,000 more preferred shares.
- Class B Stock Conversion: On August 24, 2026, all outstanding shares of Class B common stock, which previously held ten votes per share, were converted into Class A common stock. This leaves Class A as the sole class of common stock, with each share entitled to one vote.
- Board of Directors Update: The conversion of Class B stock resulted in the automatic termination of three directors. The board was then expanded from five to eight members, and the same three directors—Frederick Goerner, Keyvan Samini, and James Peterson—were immediately reappointed. James Peterson was also appointed Executive Chairman of the Board.