Following the completion of the deal, Movella has become a publicly traded company which is now trading on the Nasdaq stock market
Movella has been listed on Nasdaq following the closing of the SPAC deal. (Credit: GlobeNewswire, Inc./Movella Holdings, Inc.)
Movella has completed the previously announced business combination with special purpose acquisition company (SPAC) Pathfinder Acquisition in a deal that values the combined entity at $504m.
The US-based firm is a full-stack provider of sensors, software, and analytics that facilitate the digitisation of movement.
Pathfinder Acquisition is sponsored by affiliates of HGGC and Industry Ventures.
The deal was announced in October 2022.
Following its completion, Movella has become a publicly traded company. The common stock and warrants of the combined company are traded on the Nasdaq stock market.
The existing shareholders of the company, including GIC, Columbia Threadneedle, and Kleiner Perkins have rolled their entire stakes into the combined company.
Movella partners with global brands including 20th Century Studios, Netflix, Electronic Arts, EPIC Games, Toyota, and Siemens to serve the entertainment, health and sports, and automation and mobility markets.
Movella CEO Ben Lee said: “We are excited to be joining Nasdaq. Becoming a public company will fuel our growth in digitising movement and accelerate our progress in enabling our customers to realize extraordinary outcomes across entertainment, health & sports, and automation & mobility markets.”
The deal has been backed by $75m of financing from affiliates of technology-focused private investment group Francisco Partners.
As per the terms of the investment, Francisco Partners acquired $75m of Pathfinder common stock prior to closing through a direct placement of Pathfinder stock.
Pathfinder CEO David Chung said: “With the completion of this combination, Movella can further invest in its world-class technology and talent to accelerate growth and capture exciting opportunities in emerging growth markets such as the metaverse, as well as its core growth markets.
“We are honoured to partner with Ben and the Movella management team to continue bringing great solutions to market and shape the industry.”