Movella Holdings Inc. has announced the completion of a significant corporate restructuring affecting its subsidiary Movella Inc. and its secured lenders. This decision was made following a series of defaults under the Note Purchase Agreement signed in November 2022, in which Movella issued secured promissory notes.
The Restructuring Agreement stipulates that the Company will be released from its secured obligations and involves the exchange of debt for the issuance of 100% of the shares of Movella to the lenders. Additionally, a new replacement note has been created for $50 million. Following the transaction, Movella’s equity has been transferred to a new entity named Movella Holdings NewCo, LP, recently formed in Delaware.
As part of this restructuring, the Company has registered the trade name MVLA Holdings, Inc. and will begin operating under this new designation. It is crucial to highlight that this restructuring does not affect the ownership of previous shareholders, who remain owners of shares in the new entity. Currently, the Earnout Agreement has become its only significant asset, which could provide future payments in the event that a sale of the new parent company occurs.
With the completion of the restructuring, changes have been made to the board of directors, and a new sole director has been appointed. It was also reported that the Company ceased to be public after filing a Form 15 with the SEC, which became effective in April 2025.
Source: MiMub in Spanish
