Movella Holdings Inc. (NASDAQ:MVLA) (“Movella”), a global leader in
the digitization of movement, will begin trading its common stock
and warrants on the Nasdaq Global Market under
the ticker symbols “MVLA” and “MVLAW”,
respectively, today, following its successful merger with
Pathfinder Acquisition Corp. ("Pathfinder”), a special purpose
acquisition corporation, on Feb. 10, 2023.
Movella’s advanced inertial sensor technology, together with its
software and analytics, represent a highly differentiated
full-stack solution for the digitization of movement for customers
in entertainment, health & sports, and automation &
mobility. Longstanding customers include Electronic Arts, EPIC
Games, Daimler, and Siemens. The company’s solutions are also a
critical enabler of real-time digitized movement in the emerging
high-growth areas of the Metaverse, next-generation gaming, live
streaming, and other applications.
The transaction was supported by $75 million of financing from
affiliates of Francisco Partners (“FP”), a leading technology
focused private investment firm with over $45 billion of cumulative
committed capital. Under the terms of the investment, FP acquired
$75 million of Pathfinder common stock prior to closing through a
direct placement of Pathfinder stock. Under the terms of
the financing, Movella issued to PF a five-year PIK
note. This unique structure gives Movella the right to direct the
sale of FP’s purchased stock into the public market at any time
following the close of the transaction until the repayment or
prepayment of the note, the proceeds of which will provide material
credits against the note balance at a repayment or refinancing
event.
Other than the terms previously disclosed, there are
no provisions under which FP will be issued additional shares
(whether related to the company’s stock performance or otherwise)
post-closing. This flexible financing was designed to not only help
ensure the company has substantial resources at closing but to
also allow Movella’s current and future shareholders to benefit
from the potential ability to reduce the future amounts due under
the FP note through share price appreciation.
About Movella Holdings Inc.
Movella is a leading full-stack provider of sensors, software,
and analytics that enable the digitization of movement. Movella
serves the entertainment, health & sports, and automation &
mobility markets. Our innovations enable customers to capitalize on
the value of movement by transforming data into meaningful and
actionable insights. Partnering with leading global brand such as
Electronic Arts, EPIC Games, 20th Century Studios, Netflix,
Toyota, Siemens and over 500 sports organizations, Movella is
creating extraordinary outcomes that move humanity forward. To
learn more, please visit www.movella.com.
Cautionary Statement Regarding Forward Looking
StatementsThis press release contains “forward-looking
statements” within the meaning of federal securities laws. The
words “accelerate,” “anticipate,” “believe,” “continue,” “could,”
“enable,” “estimate,” “expect,” “extend,” “fuel,” “future,”
“growth,” “intend,” “may,” “might,” “opportunity,” “outlook,”
“plan,” “position,” “possible,” “potential,” “predict,” “progress,”
“project,” “realize,” “see,” “seem,” “should,” “will,” “would,” and
similar expressions, or the negative of such expressions, may
identify forward-looking statements, but the absence of these words
does not mean that a statement is not forward-looking. These
forward-looking statements include, but are not limited to,
statements regarding the following: Movella’s management team’s
expectations, hopes, beliefs, intentions or strategies regarding
the future and the company’s competitive position; the potential
impact of the merger on Movella and its business, including
allowing Movella to continue to rapidly scale its business and
further invest in market-leading movement capture and digitization
solutions; the potential benefits and expectations related to the
terms of the FP financing, including but not limited to, the sale
of FP-purchased stock and repayment of the note; the ability of
Movella’s solutions to enable real-time digitized movement in the
emerging high-growth areas of the Metaverse, next-generation
gaming, live streaming and other applications; the anticipated use
of capital raised from the transaction to further scale and grow
the business; the belief that Movella’s proprietary technology,
scalable business model, and experienced leadership team will
position Movella to extend its leadership position and continue to
deliver innovations that drive the industry; the anticipated or
potential features, benefits, and applications for Movella’s
products and technology and timing thereof; the market opportunity
for Movella’s products and technology; or other characterizations
of future events or circumstances, including any underlying
assumptions. These statements are based on the current expectations
of Movella’s management and are not predictions of actual
performance and as such, are provided for illustrative purposes
only. These forward-looking statements involve a number of risks,
uncertainties (some of which are beyond Movella’s control) or other
assumptions that may cause actual results or performance to be
materially different from those expressed or implied by these
forward-looking statements. These risks and uncertainties include,
but are not limited to, the following: (i) failure to realize the
anticipated benefits of the merger ; (ii) general economic
conditions and Movella’s financial performance; (iii) changes
adversely affecting the businesses in which Movella is engaged;
(iv) Movella’s ability to execute on its business strategy and
plans and to manage growth; and (v) risks related to regulatory
matters, as well as the factors described under the headings “Risk
Factors” and “Cautionary Note Regarding Forward-Looking Statements”
in the final prospectus filed with the Securities and Exchange
Commission (the “SEC”) pursuant to Rule 424(b)(3) by Pathfinder on
January 17, 2023 and in those documents that Movella will file with
the SEC in the future. If any of these risks materialize or the
underlying assumptions prove incorrect, actual results could differ
materially from the results implied by these forward-looking
statements. There may be additional risks that Movella presently
knows or currently believes are immaterial that could also cause
actual results to differ from those contained in the
forward-looking statements. In addition, forward-looking statements
reflect expectations, plans or forecasts of future events and views
as of the date of this press release. Movella anticipates that
subsequent events and developments will cause its assessments to
change. However, while Movella may elect to update these
forward-looking statements at some point in the future, Movella
specifically disclaims any obligation to do so, except to the
extent required by applicable law. These forward-looking statements
should not be relied upon as representing Movella’s assessments as
of any date subsequent to the date of this press release and are
not intended to serve as a guarantee, an assurance, a prediction or
a definitive statement of fact or probability. Accordingly, undue
reliance should not be placed upon the forward-looking
statements.
Contact:
Deborah Stapletondeb.stapleton@movella.comVP of Investor
RelationsMovella650.815.1239
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/e3b534e3-e773-4553-abe8-a5fb82943f5c
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