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.


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