Duyuru • May 07
Movella Holdings Inc. Announces Board of Directors Changes Movella Holdings Inc. announced that the prior board of directors of the Company resigned as part of the Restructuring and a sole director has been appointed. The sole director of the Company is an experienced restructuring professional named Larry Perkins, CEO of SierraConstellation Partners LLC. Duyuru • Jan 31
Movella Holdings Inc. Files Form 15 Movella Holdings Inc. has announced that it has filed a Form 15 with the Securities and Exchange Commission to voluntarily deregister its Common Stock under the Securities Exchange Act of 1934, as amended. The par value of the company's Common Stock was $0.00001 per share. Duyuru • Nov 26
Movella Holdings Inc. announced delayed 10-Q filing On 11/25/2024, Movella Holdings Inc. announced that they will be unable to file their next 10-Q by the deadline required by the SEC. Duyuru • Aug 16
Movella Holdings Inc. announced delayed 10-Q filing On 08/15/2024, Movella Holdings Inc. announced that they will be unable to file their next 10-Q by the deadline required by the SEC. Duyuru • May 11
Movella Holdings Inc. announced delayed 10-Q filing On 05/09/2024, Movella Holdings Inc. announced that they will be unable to file their next 10-Q by the deadline required by the SEC. Duyuru • Apr 04
Movella Holdings Inc.(NasdaqGM:MVLA) dropped from S&P TMI Index Movella Holdings Inc.(NasdaqGM:MVLA) dropped from S&P TMI Index Duyuru • Mar 28
Movella Announces Nasdaq’s Planned Suspension of Trading of Securities Movella Holdings Inc. (‘Movella’ or the ‘Company’) announced that it was notified by the Nasdaq Stock Market LLC (‘Nasdaq’) of the timing of Nasdaq’s planned suspension of trading of the Company’s securities. As previously disclosed in its Current Report filed on Form 8-K with the Securities and Exchange Commission (the ‘SEC’) on March 20, 2024 (the ‘8-K’), the Company notified Nasdaq of the Company’s decision to voluntarily delist its shares of common stock, par value $0.00001 per share (the ‘Common Stock’) and its warrants exercisable for one share of Common Stock at an exercise price of $11.50 (the ‘Warrants’ and together with the Common Stock, the ‘Securities’) from the Nasdaq Global Market. As disclosed in the 8-K, the Company had expected that the last trading day of the Securities on the Nasdaq Global Market would be on or about April 11, 2024. On March 22, 2024, however, Nasdaq notified the Company that trading of its Securities would be suspended after the Company files a Form 25 with the SEC on April 1, 2024, resulting in the last trading day for the Securities occurring on or about April 1, 2024 instead of on or about April 11, 2024, as previously thought. The Securities will remain listed on Nasdaq while trading is suspended until the effectiveness of the Form 25 filing on or about April 11, 2024, after which time the Securities will be delisted from Nasdaq. Following the delisting of Movella’s Securities from trading on Nasdaq, any trading in the Securities would only occur in privately negotiated sales and potentially on an over-the-counter market. Movella expects to have its Securities quoted on a market operated by OTC Markets Group Inc. (the ‘OTC’) on April 12th so that a trading market may continue to exist for the Securities. There is no guarantee, however, that a broker will continue to make a market in the Securities or that trading thereof will continue on an OTC market or otherwise. As previously disclosed, Movella’s Board of Directors (the ‘Board’) considered whether the Company could regain compliance in the given timeframe but decided that attempting to regain compliance was not in the best interest of the Company and its stockholders. The Board made this decision following its review and careful consideration of a number of factors, including, but not limited to, the Company’s current and likely future inability to comply with the continued listing requirements of the Nasdaq Global Market and the personnel resources and high costs of meeting Nasdaq Global Market disclosure and reporting requirements and related regulatory burdens, costs that have resulted and would continue to result in significant operating expense. In light of these factors, the Board determined that it is in the Company’s best interests that the Company redeploy these resources toward adequately funding the Company’s operations in the future. Duyuru • Mar 21
Movella Announces Voluntary Delisting from Nasdaq Global Market Movella Holdings Inc. (‘Movella’ or the ‘Company’) announced that it has notified the Nasdaq Stock Market LLC (‘Nasdaq’) of its decision to voluntarily delist its shares of common stock, par value $0.00001 per share (the ‘Common Stock’) and its warrants exercisable for one share of Common Stock at an exercise price of $11.50 (the ‘Warrants’) from the Nasdaq Global Market. Movella intends to file a Form 25 with the Securities and Exchange Commission (the ‘SEC’) to remove its Common Stock and Warrants from listing on the Nasdaq Global Market on or about April 1, 2024 and deregister such securities under Section 12(b) of the Securities Exchange Act of 1934, as amended (the ‘Exchange Act’), and as a result, Movella expects that the last trading day of its Common Stock and Warrants on the Nasdaq Global Market will be on or about April 11, 2024. Movella will remain subject to such reporting obligations under Sections 13 and 15(d) of the Exchange Act. As previously noted in the Company’s Current Report on Form 8-K filed with the SEC on October 2, 2023, the Company had received written notice from Nasdaq that the Company was not in compliance with the minimum bid price required for continued listing on the Nasdaq Global Market under Nasdaq Listing Rule 5450(a)(1) based upon the closing bid price of the Common Stock for the 30 consecutive business days prior to the date of the notice. Additionally, as previously disclosed in the Company’s Current Report on Form 8-K filed on November 16, 2023, the Company received a notice from Nasdaq on November 16, 2023 indicating that the Company was not in compliance with Nasdaq’s Listing Rule 5250(c)(1) because it did not timely file its Quarterly Report on Form 10-Q for the quarter ended September 30, 2023 (the ‘Quarterly Report’) with the SEC. On January 26, 2024, the Company received a notice from Nasdaq notifying the Company that it has been granted an exception to enable it to regain compliance with Listing Rule 5250(c)(1) subject to the requirement that, on or before May 13, 2024, the Company must file the Quarterly Report, as required by Rule 5250(c)(1). Following the delisting of Movella’s Common Stock and Warrants from trading on Nasdaq, any trading in such securities would only occur in privately negotiated sales and potentially on an over-the-counter market. Movella expects to have its Common Stock and Warrants quoted on a market operated by OTC Markets Group Inc. (the ‘OTC’) so that a trading market may continue to exist for such securities. There is no guarantee, however, that a broker will continue to make a market in Movella’s Common Stock and Warrants and that trading thereof will continue on an OTC market or otherwise. New Risk • Feb 27
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (21% average weekly change). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Currently unprofitable and not forecast to become profitable next year (US$7.3m net loss next year). Market cap is less than US$100m (US$13.2m market cap). Board Change • Feb 15
High number of new and inexperienced directors There are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. No experienced directors. No highly experienced directors. Independent Director Patty Ross is the most experienced director on the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Duyuru • Jan 31
Movella Holdings Inc. Receives A Notice from the Listing Qualifications Staff As previously disclosed in the Company's Current Report on Form 8-K filed on November 16, 2023, Movella Holdings Inc. (the Company) received a notice from the Listing Qualifications Staff (the Staff") of the Nasdaq Stock Market LLC (Nasdaq") on November 16, 2023 indicating that the Company was not in compliance with Nasdaq's Listing Rule 5250(c)(1) (the Rule") because it did not timely file its Quarterly Report on Form 10-Q for the quarter ended September 30, 2023 (the Quarterly Report") with the Securities and Exchange Commission (the SEC"). As previously disclosed in a Notification of Late Filing on Form 12b-25, filed with the SEC on November 15, 2023, the Company was unable to file the Quarterly Report by the prescribed due date. On January 26, 2024, the Company received a notice (the Notice") from the Staff notifying the Company that it has been granted an exception to enable the Company to regain compliance with the Rule pursuant to the following terms: on or before May 13, 2024, the Company must file the Quarterly Report, as required by the Rule. In the event the Company does not satisfy the terms of the exception, the Staff will provide written notification that the Company's securities will be delisted. The Notice has no immediate effect on the listing of the Company's securities. There can be no assurance that the Company will regain compliance with the Rule or maintain compliance with any of the other Nasdaq continued listing requirements. The Company believes that it will regain compliance with the Rule once the Quarterly Report is filed with theSEC. Duyuru • Oct 26
Movella Holdings Inc. to Report Q3, 2023 Results on Nov 08, 2023 Movella Holdings Inc. announced that they will report Q3, 2023 results After-Market on Nov 08, 2023 Duyuru • Oct 06
Movella Holdings Receives Notice from Nasdaq Regarding Non-Compliance with the Minimum Bid Price Requirement On October 2, 2023, Movella Holdings Inc. (‘the Company’) received a notice from The Nasdaq Stock Market LLC (‘Nasdaq’) that the Company is not in compliance with Nasdaq’s Listing Rule 5450(a)(1), as the minimum closing bid price of the Company’s common stock has been below $1.00 per share for 30 consecutive business days. The notification of noncompliance has no immediate effect on the listing or trading of the Company’s common stock on The Nasdaq Global Market. The Company has 180 calendar days, or until April 1, 2024, to regain compliance with the minimum bid price requirement. To regain compliance, the minimum closing bid price of the Company’s common stock must meet or exceed $1.00 per share for a minimum of ten consecutive business days during this 180-calendar day grace period. In the event the Company does not regain compliance with the minimum bid price requirement by April 1, 2024, the Company may be eligible for an additional 180-calendar day compliance period if it elects to transfer to The Nasdaq Capital Market. To qualify for transfer to The Nasdaq Capital Market, the Company would be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, with the exception of the bid price requirement, and would need to provide written notice of its intention to cure the bid price deficiency during the second compliance period. The Company’s failure to regain compliance during this period could result in delisting. The Company intends to actively monitor the bid price of its common stock and will consider available options to regain compliance with the listing requirements. There can be no assurance that the Company will be able to regain compliance with Nasdaq’s Listing Rule 5450(a)(1) or will otherwise be in compliance with other Nasdaq listing criteria. Major Estimate Revision • Sep 01
Consensus EPS estimates fall by 114% The consensus outlook for fiscal year 2023 has been updated. 2023 expected loss increased from -US$0.047 to -US$0.10 per share. Revenue forecast of US$35.8m unchanged since last update. Electronic industry in the US expected to see average net income growth of 8.2% next year. Consensus price target of US$3.38 unchanged from last update. Share price was steady at US$0.75 over the past week. Duyuru • Aug 24
Movella Holdings Inc. Announces Resignation of Boele De Bie as Chief Operating Officer On August 21, 2023, Movella Holdings Inc. and Boele de Bie, Chief Operating Officer, agreed that Mr. de Bie will step down from his position as Chief Operating Officer effective August 21, 2023. Mr. de Bie, who is stepping down to pursue other opportunities, will continue to serve as an advisor to the Company through October 31, 2023, in order to facilitate an orderly transition of his duties as Chief Operating Officer to several executive team members. The Termination Agreement with Mr. de Bie provides for the final discharge of any claims by Mr. de Bie in favor of the Company, a severance payment to Mr. de Bie of €47,966.46, and the right for Mr. de Bie to exercise vested Company stock options through six months following termination. A copy of the Termination Agreement will be filed with the Company's next quarterly report on Form 10-Q. Major Estimate Revision • Aug 11
Consensus revenue estimates fall by 21% The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from US$45.3m to US$35.8m. EPS estimate fell from US$0.197 to US$0.05 per share. Net income forecast to grow 33% next year vs 8.2% growth forecast for Electronic industry in the US. Consensus price target down from US$4.50 to US$3.38. Share price fell 34% to US$1.22 over the past week. New Risk • Aug 10
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next year. Trailing 12-month net loss: US$13m Forecast net loss in 1 year: US$10m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (19% average weekly change). Minor Risks Currently unprofitable and not forecast to become profitable next year (US$10m net loss next year). Shareholders have been diluted in the past year (25% increase in shares outstanding). Market cap is less than US$100m (US$55.5m market cap). New Risk • Aug 09
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of American stocks, typically moving 15% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (15% average weekly change). Minor Risks Shareholders have been diluted in the past year (25% increase in shares outstanding). Market cap is less than US$100m (US$82.5m market cap). Duyuru • Jul 28
Movella Holdings Inc. to Report Q2, 2023 Results on Aug 09, 2023 Movella Holdings Inc. announced that they will report Q2, 2023 results After-Market on Aug 09, 2023 New Risk • Jul 23
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: US$96.2m This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (14% average weekly change). Shareholders have been diluted in the past year (25% increase in shares outstanding). Market cap is less than US$100m (US$96.2m market cap). Recent Insider Transactions • May 24
Chief Financial Officer recently bought US$59k worth of stock On the 19th of May, Stephen Smith bought around 38k shares on-market at roughly US$1.53 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. This was Stephen's only on-market trade for the last 12 months. Breakeven Date Change • May 14
Forecast to breakeven in 2023 The analyst covering Movella Holdings expects the company to break even for the first time. New forecast suggests the company will make a profit of US$7.20m in 2023. Earnings growth of 89% is required to achieve expected profit on schedule. Duyuru • May 12
Movella Holdings Inc. Announces Impairment of Intangible Assets for the First Quarter Ended March 31, 2023 Movella Holdings Inc. announced Impairment of intangible assets for the first quarter ended March 31, 2023. For the quarter, the company reported Impairment of intangible assets of $4,657,000. Duyuru • May 05
Movella Holdings Inc. Introduces MTi-320 High Performance Active Heading Tracker for Robotics and Autonomous Vehicle Applications Movella Holdings Inc. introduced the MTi-320, a high-performance Active Heading Tracker (AHT) with a small form factor designed for integration to any system requiring accurate heading tracking, such as warehouse and last-mile delivery robotics and autonomous vehicles. The MTi-320 with the high performance Xsens™? sensor fusion algorithm accurately tracks changes in heading where alternative solutions have trouble with accurately integrating of the gyroscope data or distortion caused by external magnetic fields. Under such environments, the MTi-320 provides stable and robust heading tracking. With the ability to track heading changes up to 2000 dps, less than 0.5W power consumption and a small form factor of 28 x 31.5 x 13mm, the MTi-320 is an ideal solution for many robotics and autonomous vehicle applications. It features an IP51 rated housing which simplifies mounting of the MTi-320. While the industry standard RS232 interface makes connecting to the device as simple as possible. Additionally, the MTi-320 includes Xsens optimized strapdown algorithm (AttitudeEngine) performs high-speed dead-reckoning calculations at 1kHz to accurately capture high-frequency motions. The Xsens sensor fusion algorithm provides high accuracy and sensor auto-calibration in this cost-effective module for a wide range of embedded applications. The MTi-320 is supported by the MT Software Suite, which includes MT Manager (GUI for Windows/Linux), SDK, example codes and drivers for many platforms including ROS. The MTi-320 are available for immediate evaluation and purchase. Reported Earnings • May 02
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: US$3.11 loss per share (further deteriorated from US$2.20 loss in FY 2021). Revenue: US$40.5m (up 18% from FY 2021). Net loss: US$35.1m (loss widened 75% from FY 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates significantly. Revenue is forecast to grow 26% p.a. on average during the next 2 years, compared to a 5.2% growth forecast for the Electronic industry in the US. Breakeven Date Change • Apr 05
No longer forecast to breakeven The analyst covering Movella Holdings no longer expects the company to break even during the foreseeable future. The company was expected to make a profit of US$4.10m in 2023. New forecast suggests the company will make a loss of US$5.20m in 2024. Board Change • Feb 16
High number of new and inexperienced directors There are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. No experienced directors. No highly experienced directors. Independent Director Patty Ross is the most experienced director on the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Board Change • Feb 13
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 7 non-independent directors. was the last director to join the board, commencing their role in . The company's lack of independent directors is a risk according to the Simply Wall St Risk Model.