Brief: Movella Holdings Expects To Record Non-Cash Impairment Of Goodwill & Long-Lived Assets Of About $35 Million To $38 Million In Q3

Movella Holdings

15/11/2023 11:25

Nov 15 (Reuters) - Movella Holdings Inc  MVLA.O :
    * MOVELLA HOLDINGS - ON NOVEMBER 10, EXPECTS TO RECORD
NON-CASH
IMPAIRMENT OF GOODWILL & LONG-LIVED ASSETS OF ABOUT $35 MILLION
TO $38 MILLION IN Q3
    * MOVELLA HOLDINGS INC - NON-CASH ACCOUNTING CHARGE IS NOT
EXPECTED TO IMPACT COMPANY'S CASH FLOWS FROM CURRENT OR FUTURE
OPERATIONS
    * MOVELLA HOLDINGS INC - CURRENTLY ANTICIPATES THAT IN JUNE
2024
IT WILL NOT EXPECT TO MEET MINIMUM EBITDA COVENANT IN VLN
FACILITY
    * MOVELLA HOLDINGS INC - CONCLUDED THAT THERE IS SUBSTANTIAL
DOUBT
ABOUT OUR ABILITY TO CONTINUE AS A GOING CONCERN
    * MOVELLA HOLDINGS INC - FOREGOING IS NOT EXPECTED TO HAVE
ANY
IMPACT ON FUTURE CASH EXPENDITURES

Further company coverage:  MVLA.O 

 ((Reuters.Briefs@thomsonreuters.com))