Mobix Labs submits all cash offer to acquire EMCORE Corporation

Mobix Labs, Inc., a leader in advanced wireless and connectivity solutions for the military and defense sector, today announced it has submitted a compelling non-binding proposal to the Board of Directors of EMCORE Corporation, the world’s largest independent provider of inertial navigation solutions to the aerospace and defense industry, to acquire all of EMCORE’s outstanding shares for $3.80 per share in cash.

Mobix Labs’ all cash proposed offer to the EMCORE Board represents a more than 200% premium over EMCORE's current stock price as of September 27, 2024. Based upon its 2022 and 2023 10-K filings, EMCORE’s revenue in its fiscal year ending 9/30/23 grew 115% to $97 million from the prior year.

EMCORE is a leading supplier of inertial sensors and systems for land, sea, air, and space applications in the aerospace and defense market. “We believe this proposal presents an exceptional opportunity for EMCORE shareholders to realize immediate and significant value for their investment,” said Fabian Battaglia, CEO of Mobix Labs. “Our recent strategic acquisitions, including EMI Solutions and RaGE Systems, have significantly strengthened our position in the military, defense, and high-reliability electronics sector,” Battaglia added. “We believe integrating EMCORE's products would further accelerate our growth and innovation in critical markets.”

Mobix Labs is led by seasoned industry veterans, including Board of Directors members James Peterson, former CEO and Chairman of Microsemi, and David Aldrich, former CEO and Chairman of Skyworks Solutions.

Transaction Details

Mobix Labs’ proposal has the support of its Board of Directors. Mobix Labs’ all cash offer is subject to the approval of the EMCORE Board of Directors, the execution of a definitive agreement between Mobix Labs and EMCORE, and any shareholder approval that may be required by law.