Motion sensing startup Movella plans merger with Pathfinder Acquisition blank check company - Silicon Valley Business Journal

The shares of companies that have gone public through blank-check mergers have performed dismally.The latest Bay Area company to agree to such a combination is Movella Inc., which announced Tuesday plans to merge with Pathfinder Acquisition Corp. . Movella expects to get as much as $336 million from the deal and to have a valuation of between $530 million and $755 million after it's completed, which they expect to happen in the first quarter.

Palo Alto-based Pathfinder raised $325 million in its initial public offering early last year, when investors were still enthusiastic about special purpose acquisition companies like it. But Movella andPathfinder forecast that the startup would get just $121 million out of their merger if 90% of the latter's shares are exchanged for cash.San Jose-based Movella posted just $33 million in revenue last year, according to ait and Pathfinder put together for the latter's investors.

Meanwhile, the startup, which offers movement tracking sensors and software for customers in the entertainment, health, sports, automation and mobility industries, is operating in the red at a time when Wall Street investors have been increasingly focusing on companies' bottom lines. Movella didn't disclose its actual bottom line, but said that excluding certain costs, it would have posted a $9.1 million loss last year. On that same basis, the company, whose customers include Electronic Arts Inc., NBCUniversal Media LLC, Daimler and Siemens AG, expects to lose $9 million this year and to be break even next year.San Jose, $75 million: Owl Rock Capital led the Series C round for this provider of multi-cloud data protection, governance and security software.

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