Brief: Movella Realigns Workforce To Better Navigate Challenging Market Conditions

Movella Holdings

06/09/2023 16:07

Movella Holdings Inc  MVLA.O :
    * MOVELLA REALIGNS WORKFORCE TO BETTER NAVIGATE CHALLENGING
MARKET
CONDITIONS
    * ON AUGUST 31, 2023, COMPANY REDUCED ITS NUMBER OF
EMPLOYEES BY
APPROXIMATELY 20%
    * COMPANY EXPECTS TO SUBSTANTIALLY COMPLETE THIS WORKFORCE
REDUCTION IN Q3 OF 2023
    * COMPANY EXPECTS TO ACHIEVE COST SAVINGS OF APPROXIMATELY
$2.0
MILLION PER QUARTER FOLLOWING THIS ACTION
    * COMPANY ELECTED TO RESTRUCTURE ITS OPERATIONS BY EXITING
CERTAIN
NON-CORE BUSINESS ACTIVITIES
    * MOVELLA HOLDINGS - EXPECTS TO INCUR A PRE-TAX CASH CHARGE
FOR
SEVERANCE, RESTRUCTURING COSTS  OF BETWEEN ABOUT $1.1 MILLION
AND $1.6 MILLION IN Q3

Source text for Eikon:  ID:nGNX8XpSXm 
Further company coverage:  MVLA.O