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Movella Holdings (NASDAQ:MVLA) has announced the cancellation of its shareholder meeting originally scheduled for February 17, 2023, following the completion of its business combination on February 10, 2023. This decision means that the proposals in the Definitive Proxy Statement filed on January 11, 2023, will no longer be considered by shareholders. The company emphasized that the shareholder meeting is now unnecessary due to this development, marking a significant step post-combination.
Movella Holdings Inc. has successfully completed its business combination with Pathfinder Acquisition Corp., with a pro forma enterprise value of $504 million. The combined entity, trading under the ticker symbols MVLA and MVLAW from February 13, 2023, aims to accelerate growth in digitizing movement across various markets, including entertainment and sports. This transaction was bolstered by $75 million financing from Francisco Partners, allowing Movella to enhance investment in technology and talent. Current shareholders, including prominent firms like Kleiner Perkins, rolled their stakes into the new company, ensuring strong backing for future growth.