Mobix Labs issued a senior secured convertible note with a principal amount of $2.8 million. The company received gross proceeds of approximately $2.33 million, reflecting a 16.667% original issue discount. The note carries a 10% annual interest rate and matures on October 22, 2026. The note is convertible into Class A Common Stock at the lesser of the June 22, 2026 closing price or 85% of the lowest 8-day VWAP prior to conversion. The agreement includes strict covenants, including mandatory repayment requirements from future capital raises and asset sales.