Movella Receives Nasdaq Notification Regarding Form 10-Q Filing Delay

HENDERSON, Nev., Nov. 16, 2023 -- Movella Holdings Inc. MVLA, an industry leader in the field of sensors, software, and analytics for motion digitization, today announced receipt of a formal notice of non-compliance from Nasdaq due to a delay in the filing of its Form 10-Q. Movella, which operates in the domain of capturing and interpreting movement data, has acknowledged this notice pertaining to a delay in regulatory filing, which is mandated by the SEC for quarterly performance disclosures.

Understanding Movella's Nasdaq Notice

The notification received by Movella from the Nasdaq stock market pertains to the company's nondisclosure within the stipulated time frame for its quarterly financial report (Form 10-Q). This delay has prompted Nasdaq to issue a standard communication in accordance with its regulatory obligations, which allows Movella a 60-day period to submit a plan to regain compliance. Failure to meet this extended deadline could potentially lead to delisting procedures. However, Movella has expressed its intentions to address the issues causing the delay and to fulfill the necessary requirements posthaste.

Implications for Movella and Its Investors

The notice received is a procedural but critical aspect of being a publicly traded company. Movella has reassured stakeholders by committing to transparency and diligence in meeting its financial reporting obligations. The company's pursuit to rectify the filing delay demonstrates its dedication to maintaining investor confidence and adherence to market regulations. Investors and market observers will be closely monitoring Movella's actions in the coming weeks as the company works to resolve its filing delinquency with the Nasdaq stock market.

Movella, Nasdaq, Compliance