Business
Movella Holdings Inc. Announces Completion of Corporate Restructuring
LOS ANGELES, CA / ACCESS Newswire / May 6, 2025 / Movella Holdings Inc. (the "Company") today announced the completion of a restructuring transaction involving its wholly-owned subsidiary, Movella Inc. ("Movella"), and its existing secured lenders. ...
About this update from Movella Holdings Inc
[{"type":"text","content":"LOS ANGELES, CA / ACCESS Newswire / May 6, 2025 / Movella Holdings Inc. (the "Company") today announced the completion of a restructuring transaction involving its wholly-owned subsidiary, Movella Inc. ("Movella"), and its existing secured lenders.","length":268,"tagName":"p"},{"type":"text","content":"In connection with the transaction, Movella, the Company, certain of its subsidiaries, FP Credit Partners II AIV, L.P. and FP Credit Partners Phoenix II AIV, L.P. (the "FP Noteholders"), and FP Credit Partners II, L.P. and FP Credit Partners Phoenix II, L.P. (the "FP Shareholders") entered into a Restructuring Agreement (the "Restructuring Agreement") in response to continuing events of default under the Note Purchase Agreement, dated as of November 14, 2022 (the "Note Purchase Agreement"), pursuant to which Movella had previously issued secured promissory notes to the FP Noteholders with the Company as a guarantor of the secured promissory notes.","length":695,"tagName":"p"},{"type":"image","alt":"","displaySize":"","headline":null,"caption":"","credit":null,"className":"","disableSlideshowImg":false,"size":{"original":{"width":404,"height":125,"url":"https://media.zenfs.com/en/accesswire.ca/c39b78f19d9d2d77f0d908450af22763"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/xJOv8ZKMuq37u8L70Lsc5g--/YXBwaWQ9aGlnaGxhbmRlcjt3PTcwNTtoPTIxODtjZj13ZWJw/https://media.zenfs.com/en/accesswire.ca/c39b78f19d9d2d77f0d908450af22763","width":404,"height":125}}},{"type":"text","content":"Pursuant to the Restructuring Agreement and related transactions (the "Restructuring Transactions"), the Company was released from its guaranty of obligations under the Note Purchase Agreement and the FP Noteholders exchanged the outstanding Note Purchase Agreement obligations for the issuance and transfer of 100% of the equity of Movella to the FP Shareholders and a new $50 million replacement note issued by Movella to the FP Noteholders under an amended Note Purchase Agreement. Upon completing the Restructuring Transactions, the equity of Movella is now owned by Movella Holdings NewCo, LP, a newly established Delaware limited partnership ("New Parent"), which is an affiliate of the FP Shareholders and, as part of the Restructuring Transactions, an Earnout Agreement was entered ...