Subsequent Events	9 Months Ended
Sep. 30, 2022
Subsequent Events.
Subsequent Events	Note 9 – Subsequent Events On October 10, 2022, the Company drew down an additional $200,000 from the Working Capital Loans from the Sponsor (see Note 5). On November 15, 2022, the Company and Mobix Labs, Inc. (“Mobix Labs”) entered into a business combination agreement, by and among the Company, Mobix Labs and CLAY Merger Sub II, Inc., a Delaware corporation and newly formed, wholly-owned direct subsidiary of the Company (“Merger Sub”), pursuant to which Merger Sub will be merged with and into Mobix Labs, with Mobix Labs surviving the merger as a wholly-owned direct subsidiary of the Company (the “proposed transaction”). Upon closing of the proposed transaction, the combined company will be named Mobix Labs, Inc., and its common stock and warrants are expected to be listed on Nasdaq. The proposed transaction includes a $30 million fully committed common stock private investment in public equity (“PIPE”) at $10.00 per share and is expected to be completed in the first half of 2023, subject to, among other things, the approval of the proposed transaction by the Company’s shareholders and the satisfaction of the conditions set forth in the business combination agreement, including a Form S-4 registration statement being declared effective by the SEC.

Subsequent Events

9 Months Ended

Sep. 30, 2022

Note 9 – Subsequent Events

On October 10, 2022, the Company drew down an additional $200,000 from the Working Capital Loans from the Sponsor (see Note 5).

On November 15, 2022, the Company and Mobix Labs, Inc. (“Mobix Labs”) entered into a business combination agreement, by and among the Company, Mobix Labs and CLAY Merger Sub II, Inc., a Delaware corporation and newly formed, wholly-owned direct subsidiary of the Company (“Merger Sub”), pursuant to which Merger Sub will be merged with and into Mobix Labs, with Mobix Labs surviving the merger as a wholly-owned direct subsidiary of the Company (the “proposed transaction”). Upon closing of the proposed transaction, the combined company will be named Mobix Labs, Inc., and its common stock and warrants are expected to be listed on Nasdaq. The proposed transaction includes a $30 million fully committed common stock private investment in public equity (“PIPE”) at $10.00 per share and is expected to be completed in the first half of 2023, subject to, among other things, the approval of the proposed transaction by the Company’s shareholders and the satisfaction of the conditions set forth in the business combination agreement, including a Form S-4 registration statement being declared effective by the SEC.