Pathfinder Acquisition to Make Movella Publicly Traded Company

Dow Jones

2022/10/04

By Chris Wack

Pathfinder Acquisition Corp. said Tuesday it was merging with Movella Inc. in a transaction that will result in the combined company being publicly listed on the Nasdaq Stock Market.

The special purpose acquisition company, sponsored by affiliates of HGGC and Industry Ventures, said the combined entity, to be known as Movella Holdings Inc., will have a pro forma enterprise value of $537 million.

Movella is a provider of sensors, software and analytics that enable the digitization of movement.

The capital raised from the transaction will be primarily invested to further grow the business, which will continue to be led by Movella President and Chief Executive Ben Lee when the transaction is completed.

The business combination is expected to close in the first quarter of 2023.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

October 04, 2022 08:16 ET (12:16 GMT)

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