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.
At the SPAC of Dawn As pressure on Fed Chairman Jerome Powell increases, the market is set to ingest a raft of new indicators today as well as hear from Cleveland Fed President Beth Hammack on the potential interest rate path. Today will also see June’s 8th SPAC IPO as Cantor Equity Partners III Inc....
Cantor Equity Partners III Inc. (NASDAQ:CAEP) announced the pricing of its upsized $240 million IPO and its shares are expected to begin trading on the Nasdaq under the symbol “CAEP”, Thursday, June 27, 2025. The new SPAC plans to combine with a target company in an industry where its management has relevant expertise such financial...
Launch One (NASDAQ:LPAA) has entered into a definitive agreement to combine with biotech firm Minovia Therapeutics at a $180 million pre-money valuation. Haifa, Israel-based Minovia is developing a drug platform based on mitochondrial cell therapies to potentially treat rare disorders as well as the effects of aging and other causes of bodily degeneration. The combined...
CEO Marc Nemati and Colombier II’s Omeed Malik break down the deal and the strategy. Despite its moniker as the “the everything store” you can’t buy everything on Amazon, and firearms are one of those things. But, GrabAGun has spent years building a platform for regulated online firearms purchases, and soon, consumers will be able...
At the SPAC of Dawn Futures remain green after Fed Chairman Jerome Powell hinted at a July rate cut and tensions cooled for now in the Middle East. That has not warmed all corners of the SPAC market as teams continue to hit bumps in their shareholder votes this week. Four Leaf (NASDAQ:FORL) was the...