EL SEGUNDO, Calif.,
Nov. 30, 2021 /PRNewswire/
-- Navitas Semiconductor (Nasdaq: NVTS), the
industry-leader in gallium nitride (GaN) power integrated circuits
(ICs) announced the conclusion of a prepaid, forward-purchase
transaction, resulting in the removal of restrictions affecting
$30 million of cash on the company's
balance sheet and 3,000,000 outstanding shares of Navitas common
stock.
$30 million converted to unrestricted
cash on the balance sheet
As previously disclosed, on October 6,
2021, Navitas (then known as Live Oak Acquisition Corp. II
("LOKB")) entered into a prepaid forward-purchase agreement with an
affiliate of Atalaya Capital Management LP ("Atalaya"). Per the
agreement, Atalaya had the right to purchase up to 3,000,000 LOKB
shares from shareholders who had redeemed shares, or indicated an
interest in redeeming shares, prior to the closing of LOKB's
business combination transaction with Navitas. The agreement
provided for Atalaya to sell the shares it purchased to Navitas
within two years, at the redemption price in effect prior to
closing. Atalaya also had the right to sell the shares to others
during the two-year term, concluding the forward purchase
obligations with Navitas in an amount corresponding to the number
of shares sold.
On November [18], 2021, Atalaya notified Navitas that it had
sold all 3,000,000 shares covered by the agreement in open-market
transactions. As a result, a total of approximately $30 million has been remitted to Navitas, free of
any restrictions.
About Atalaya
Atalaya Capital Management
LP ("Atalaya"). Atalaya is a privately held, SEC-registered
alternative investment advisory firm that focuses primarily on
private credit and special opportunities investments.
About Navitas
Navitas Semiconductor (Nasdaq:
NVTS) is the industry leader in GaN power ICs, founded in 2014. GaN
power ICs integrate GaN power with drive, control and protection to
enable faster charging, higher power density and greater energy
savings for mobile, consumer, enterprise, eMobility and new energy
markets. Over 130 Navitas patents are issued or pending, and over
30 million GaNFast power ICs have been shipped with zero reported
GaN field failures. Navitas rang the Nasdaq opening
bell and started trading on Nasdaq on October 20th, 2021, with an enterprise value over
$1B and over $320M gross capital raise.
Navitas Semiconductor, GaNFast and the Navitas
logo are trademarks or registered trademarks of Navitas
Semiconductor. All other brands, product names and marks are or may
be trademarks or registered trademarks used to identify products or
services of their respective owners.
Contact Information
Stephen
Oliver, VP Corporate Marketing & Investor Relations
ir@navitassemi.com
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SOURCE Navitas Semiconductor