0001493152-26-015186
SEC filingMobix Labs entered into a securities purchase agreement with Leviston Resources, issuing a $3 million convertible note for $2.55 million, which bears 10% interest and matures on July 31, 2026.
Mobix Labs has secured $2.55 million in financing through a convertible note agreement with Leviston Resources, representing a discount to the $3 million principal amount. The transaction creates immediate financial obligations for the company, including a 10% interest rate and a relatively short maturity of just four months on July 31, 2026. The convertible feature provides Leviston with the option to convert debt into equity at favorable terms, specifically the lesser of the March 31, 2026 closing price or 85% of the lowest 8-day VWAP preceding conversion. This discount mechanism could potentially dilute existing shareholders if conversion occurs. The registration rights agreement obligates Mobix Labs to facilitate the resale of conversion shares, indicating Leviston's intent for liquidity upon conversion. The 125% penalty for default significantly increases the company's financial risk if it fails to meet obligations. The reliance on Securities Act exemptions suggests this was a private placement to an accredited investor rather than a public offering.