Mobix Labs, a leader in advanced wireless and connectivity solutions for the military and defense sectors, has submitted a non-binding proposal to the Board of Directors of EMCORE Corporation (Nasdaq: EMKR). EMCORE is the largest independent provider of inertial navigation solutions to the aerospace and defense industries. Mobix Labs proposes to acquire all outstanding shares of EMCORE at $3.80 per share in cash.
This all-cash offer represents a more than 200% premium over EMCORE’s stock price as of September 27, 2024. According to EMCORE’s 2022 and 2023 10-K filings, its revenue for the fiscal year ending September 30, 2023, grew by 115%, reaching $97 million.
EMCORE is a prominent supplier of inertial sensors and systems for land, sea, air, and space applications in the aerospace and defense markets. “We believe this proposal offers EMCORE shareholders an outstanding opportunity to gain immediate and substantial value for their investment,” said Fabian Battaglia, CEO of Mobix Labs. “Our recent strategic acquisitions, including EMI Solutions and RaGE Systems, have bolstered our position in the military, defense, and high-reliability electronics sectors. Integrating EMCORE’s products will accelerate our growth and innovation in these critical markets.”
Mobix Labs is led by experienced industry leaders, including James Peterson, former CEO and Chairman of Microsemi, and David Aldrich, former CEO and Chairman of Skyworks Solutions.
Transaction Details
Mobix Labs’ proposal is backed by its Board of Directors and is subject to the approval of EMCORE’s Board, the execution of a definitive agreement, and any necessary shareholder approvals.
About Mobix Labs, Inc.
Based in Irvine, California, Mobix Labs is committed to transforming connectivity by delivering advanced semiconductor and wireless systems solutions. The company specializes in four areas: EMI Interconnect Solutions for secure aerospace and GPS systems, Active Optical Cables (AOC) for high-speed AI data center interconnects, 5G IC Solutions for mmWave communications, and Wireless Systems Solutions, including RF technology design and manufacturing services. Mobix Labs serves customers in 5G, radar, and imaging sensor industries. For more information, visit mobixlabs.com or follow the company on LinkedIn.
Forward-Looking Statements
This press release contains “forward-looking statements” regarding Mobix Labs’ proposed acquisition of EMCORE and related business strategies. These statements are based on current expectations and assumptions and are subject to uncertainties that could cause actual results to differ materially. Mobix Labs undertakes no obligation to update forward-looking statements unless required by law.
