The Business Combination was approved by the respective Boards of Directors and shareholders of
“We are excited to be joining Nasdaq,” 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,” said
Transaction Overview
The Business Combination values Movella at a pro forma enterprise value1 of
The transaction was supported by
Other than terms previously disclosed, there are no provisions under which FP will be issued additional shares (whether related to the Company’s stock price performance or otherwise) post-closing. This flexible financing was designed to not only help ensure the Company has substantial cash 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.
Advisors
Movella was advised by Stifel (as exclusive financial advisor) and
About
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 our customers to capitalize on the value of movement by transforming data into meaningful and actionable insights. Partnering with leading global brands such as Electronic Arts, EPIC Games, 20th
Contact:
steve.smith@movella.com
+1 408-637-5521
Cautionary Statement Regarding Forward Looking Statements
This 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 Business Combination 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 Business Combination; (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
1 Enterprise Value is calculated as the sum of Movella’s equity value and net debt. The pro forma enterprise value incorporates an assumption that the
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