Navitas Semiconductor (NASDAQ: NVTS) completes its business combination with Live Oak Acquisition Corp. II (NYSE: LOKB). Live Oak II stockholders approved the transaction on October 12, 2021 with over 90 per cent approval rating.
Navitas’ common shares and warrants will begin trading on Wednesday, October 20, 2021 on the Nasdaq Global Market under the ticker symbols “NVTS” and “NVTSW”. Gene Sheridan, Navitas CEO and co-founder will ring the opening bell at the Nasdaq MarketSite on the same day and discuss the company’s mission to become the next-generation power semiconductor leader.
The deal’s PIPE, originally oversubscribed and upsized at $145mm on May 7, 2021, had risen to $173mm at closing, with all investments at the original terms. Additional capital from Live Oak II’s cash-in-trust, net of redemptions, increased the gross proceeds raised in the transaction to more than $320mm. Navitas expects the additional capital will accelerate product development and expansion from an industry-leading position in GaN mobile fast chargers into consumer, enterprise, solar and EV markets, and provide funds for non-organic growth.
“From start-up to public company in just 7 years, our goal at Navitas is to become the next-generation power semiconductor leader & electrify our world,” said Gene Sheridan, CEO and co-founder. “We are at the right time, with the right technology and certainly the right team to accelerate the world’s transition from fossil fuels to clean, electrical energy. Let’s Go GaNFast!”
Advisors
Deutsche Bank Securities and Jefferies are serving as co-financial advisors to Navitas. Jefferies and BofA Securities are acting as placement agents on the PIPE and capital markets advisors to Live Oak II. Nomura Greentech and BofA Securities are serving as financial advisors to Live Oak II. DLA Piper LLP is serving as legal counsel to Navitas. Vinson & Elkins LLP is serving as legal counsel to Live Oak II. Winston & Strawn LLP is serving as legal counsel to the placement agents on the PIPE. Blueshirt Capital Markets LLC is serving as an advisor to Navitas.
