Movella (MVLA) Cuts 20% Staff
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Movella Realigns Workforce to Better Navigate Challenging Market Conditions
September 6, 2023 9:01 AM EDTHENDERSON, Nev., Sept. 06, 2023 (GLOBE NEWSWIRE) -- Movella Holdings Inc. (NASDAQ: MVLA) (Movella), a leading full-stack provider of sensors, software, and analytics that enable the digitization of movement, announced that due to market conditions, on August 31, 2023, the Company reduced its number of employees by approximately 20%. The Company expects to substantially complete this workforce reduction in the third quarter of 2023. Additionally, the Company elected to restructure its operations by exiting certain non-core business activities. As a result of this workforce reduction and restructuring, the Company expects to incur a pre-tax cash charge for severance and... More
