Movella Holdings Inc. Receives Nasdaq Notice Due to Delay in Form 10-Q Filing

HENDERSON, Nev., Nov. 16, 2023 (GLOBE NEWSWIRE) -- Movella Holdings Inc., a company listed on Nasdaq with stock tickers MVLA for Movella Holdings and MVLAW for its warrants, has announced that it received a notification from Nasdaq because the company did not file its quarterly report on Form 10-Q within the prescribed time frame. According to securities regulations, publicly traded companies are required to periodically file certain financial statements to maintain transparency with investors and regulatory bodies. The Form 10-Q includes unaudited financial statements and provides insights into a company's performance over the preceding three months.

Implications of the Delay

The delay in filing Form 10-Q can have several implications for MVLA. Failure to file the report on time can result in a variety of consequences, including potential loss of investor confidence, negative impact on the stock price, and the risk of facing delisting procedures if the delay persists beyond a specified grace period.

Movella's Position and Plans for Compliance

Movella has indicated that steps are being taken to address the delay and complete the filing process as quickly as possible. The company aims to regain compliance with Nasdaq's listing rules by submitting the required financial documents. By promptly addressing the issue, Movella hopes to minimize any potential negative impact and satisfy the concerns of investors, regulatory authorities, and other stakeholders.

HENDERSON, Movella, Nasdaq