Pathfinder Acquisition Corp. (NASDAQ:PFDR) announced this morning that it has closed its combination with motion-capture technology company Movella.
The combined company will operate as “Movella Holdings Inc.”, and its common stock and warrants are expected to begin trading on the Nasdaq under the ticker symbol “MVLA” and “MVLAW”, respectively, on February 13.
Pathfinder shareholders approved the combination on February 8, but the SPAC noted that it would not close until today, February 10. Following the shareholder meeting, the SPAC disclosed that a total of 28,961,090 shares were redeemed in connection with the vote, removing 89.1% of its trust and leaving it with $36.2 million.
The transaction was supported by $75 million of financing from affiliates of Francisco Partners prior to closing through a direct placement of Pathfinder stock. Under the terms of the financing, Movella issued Francisco Partners a 5-year payment-in-kind note. This allows Movella the right to direct the sale of FP’s purchased stock at any time following the closing until the repayment of the note, the proceeds of which will provide credits against the note balance at a repayment or refinancing event.
Pathfinder initially announced its $537 million combination with Movella on October 4. San Jose, California-based Movella provides motion-capture hardware and software for the entertainment, health and manufacturing industries.
ADVISORS
- Pathfinder was advised by Kirkland & Ellis LLP.
- Movella was advised by Stifel (as an exclusive financial advisor).
- Pillsbury Winthrop Shaw Pittman LLP served as legal advisor in connection with the transaction.
- Francisco Partners was advised by Latham & Watkins LLP in connection with the transaction.
Lightwave Acquisition Corp. (NASDAQ:LWACU) announced the pricing of its $187.5 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “LWACU”, Wednesday, June 25, 2025. The new SPAC plans to combine with a technology target or another industry that complements its management team’s background. Lightwave’s management team is led...
Oxley Bridge Acquisition Limited (NASDAQ:OBAU) announced the pricing of its $220 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “OBAWU”, Wednesday, June 25, 2025. The Company’s primary focus will be to search globally for a target with operations or prospects focusing on global consumer and technology sectors...
At the SPAC of Dawn The SPAC market has been feeling considerable wind under its sails since the cycle reset last summer, but that does not mean it is smooth sailing for all portions of the process. All three SPACs that held votes yesterday wound up adjourning or postponing them, suggesting that getting through a...
Columbus Circle I (NASDAQ:CCCM) has entered into a definitive agreement to combine with ProCap Financial as part of a raise of about $1 billion in capital for the target company. ProCap aims to build a Bitcoin treasury that will eventually provide the backing for a financial institution providing investment banking services. The combined company is...
At the SPAC of Dawn SPACs have a busy week of votes ahead of them with six special meetings to approve extensions and three to complete business combinations. JVSPAC (NASDAQ:JVSA) is set to kick off the run of deal votes tomorrow as it seeks approval to tie things up with Southeast Asian hospitality chain Hotel101....