As a result of this workforce reduction and restructuring, the Company expects to incur a pre-tax cash charge for severance and restructuring costs which consists of one-time termination benefits and contract termination costs, of between approximately $1.1 million and $1.6 million in the third quarter of 2023. The Company expects to achieve cost savings of approximately $2.0 million per quarter following this action. About Movella Holdings Inc. Movella is a leading full-stack provider of sensors, software, and analytics that enable the digitization of movement. Movella serves the entertainment, health & sports, and automation & mobility markets. Our innovations enable customers to capitalize on the value of movement by transforming data into meaningful and actionable insights.