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.
Mobiv Acquisition Corp. (NASDAQ:MOBV) announced this afternoon that it has closed its combination with EV motorcycle-maker SRIVARU. Shareholders originally approved the deal at a special meeting held back on September 28, but at that time, the parties expected the transaction to take just a week to close. Redemptions whittled Mobiv’s IPO share pool of 10,005,000 down...
Achari Ventures I (NASDAQ:AVHI) has entered into a definitive agreement to combine with medtech firm Vaso Corporation at an equity value of $176 million, or 19.5x its 2022 adjusted EBITDA. Wuxi, China-based Vaso provides IT services and sales support to medical device manufacturers. The combined company is expected to trade on the Nasdaq under the...
EF Hutton Acquisition Corp. I (NASDAQ:EFHT) announced this morning that its shareholders have approved its business combination with E.C.D. Auto Design. At the meeting, there were 5,089,203 shares of common stock, representing approximately 76.82% of the issued and outstanding shares of common stock, present. In connection with the meeting, the company’s stockholders holding 3,470,945 shares,...
Legato Merger Corp. III (NYSE:LEGT) filed for a $175 million IPO yesterday afternoon, becoming the fourth SPAC to file this week. While the other three SPACs that filed their S-1s earlier this week intend to pursue targets in the financial services and biotech industries, Legato III, similar to the earlier Legato SPACs, will focus on...
At the SPAC of Dawn This week ends with an unusually busy earnings calendar as 172 US-listed companies report quarterly figures today. Among them is Exela Technologies (NASDSAQ:XELA), which completed a combination with Quinpario 2 in 2017. The billing software company has gone on to do another SPAC deal on November 29, this time spinning...