Pathfinder Acquisition Corp. (PFDR) Shareholders Approve Movella Deal

Pathfinder Acquisition Corp. (NASDAQ:PFDR) announced in an 8-K filing that its shareholders approved its combination with motion-capture technology company Movella at a special meeting February 8.

A total of 28,961,090 shares were redeemed in connection with the vote however, removing 89.1% of the SPACs trust and leaving $36.2 million remaining. The deal did not come with a minimum cash condition, but the parties agreed in November to sell $25 million in senior secured notes to affiliates of private equity firm Fransisco Partners.

This financing came linked to a $75 million facility of venture-linked notes (VLN), which these investors are to purchase at close. The combination is now expected to close on February 10, and the combined company’s shares and warrants are expected to trade on the Nasdaq beginning February 13 under the symbols “MVLA” and “MVLAW”, respectively.

Pathfinder initially announced its $537 million combination with Movella on October 4 and terminated an earlier combination agreement with ServiceMax in December 2021. San Jose, California-based Movella provides motion-capture hardware and software for the entertainment, health and manufacturing industries.