On June 29, 2022, Chavant Capital Acquisition Corp. signed a non-binding Letter of Intent with a U.S.-based technology company. The Target is developing advanced connectivity solutions with high bandwidth and low latency, targeting customers in the infrastructure, consumer electronics, satellite, automotive and other sectors, and the Company believes that the Target holds attractive intellectual property.

The Target has an experienced management team with a demonstrated ability to drive growth and scale businesses. The Company expects that it can offer the Target its resources, its experience in the advanced manufacturing and advanced materials technology sectors and its network of industry relationships in the Target's markets to support the Target's growth, making this an attractive potential business combination for the Company's shareholders. Completion of the business combination with the Target is subject to, among other matters, the completion of due diligence, the negotiation of a definitive agreement providing for the transaction, satisfaction of the conditions negotiated therein and approval of the transaction by the Company's shareholders.

There can be no assurance as to the timing of any business combination or whether such a transaction will be completed at all.