PFDR merger with Movella Holdings Inc.

as a business combination partner. As you’ll hear, Movella is a global leader in the digitization of movement, which is a very exciting growth space that is an enabler of an increasing number of existing and emerging applications. In a nutshell, what makes Movella compelling is that it is both an established business that has strong growth runway and high gross margins in its current markets, as well as a platform with the potential for outsized incremental growth through enablement of some high growth emerging “megatrend” markets. In addition, the business is capital efficient and scalable and we believe can reach breakeven by Q3 this year and be profitable from the fourth quarter onwards. So it’s the type of growth company profile that we wanted to see, especially in this environment. Lastly, and most importantly, we believe that the team at Movella is incredibly talented. Ben has over 20 years of experience scaling transformative companies, and Steve has considerable experience as a public company CFO including most recently at Inseego, a NASDAQ listed company where he helped oversee a market cap expansion from roughly $50 million to over $1 billion. We’re very excited about our partnership with the company, the management and its investors, led by Kleiner Perkins, GIC and Columbia, as well as with Francisco Partners, who is coming in to provide committed financing for this transaction through a highly innovative structure. This financing structure, which I think I can safely say is truly unique in the SPAC world, has three big benefits: the first is that it delivers transaction certainty, the second is that it provides the company with funding needed to drive its plan, and third, it mitigates some of the technical friction from the more common financin