According to a regulatory filing with the US Securities and Exchange Commission on Tuesday, Movella, a metaverse-related company that creates sensors and develops software, will become a publicly listed company on Nasdaq through a merger with Steve Young’s Pathfinder Acquisition Corp. (PFDR).
Pathfinder is a special-purpose acquisition company, or SPAC, created by affiliates of investment firm Industry Ventures and HGGC, a private-equity firm co-founded, chairman, and partner by former National Football League great Steve Young.
The new company will be called Movella Holdings Inc., and its pro forma enterprise value will be around $537 million. Movella will use the sale funds to expand further.
Movella provides innovative sensors, software, and analytics for movement monitoring to customers in the entertainment, health, sports, automation, and mobility industries. Electronic Arts (EA), NBC Universal, and Siemens are among the customers.
Pathfinder CEO David Chung said:
“Movella is uniquely positioned to provide critical enabling technology for the metaverse, next-generation gaming and other high-growth emerging end markets and applications in addition to the substantial growth it’s already achieved in its existing markets.”
While Movella’s technology is employed across several sectors, the business has shifted its emphasis to possible Web3 applications. Movella held its Motion Capture Content Creators Conference in May, with an emphasis on the metaverse.
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