Navitas Semiconductor to Begin Trading on Nasdaq on Oct 20

California-based solar equipment supplier Navitas Semiconductor has announced the completion of its business combination with Live Oak Acquisition Corp. II. Live Oak II stockholders overwhelmingly approved the transaction on October 12, 2021 with over 98% approval rating.

Gallium nitride (GaN) is a next-generation semiconductor technology that is said to run up to 20x faster than legacy silicon, and enables up to 3x more power and 3x faster charging in half the size and weight. Navitas’ GaNFast™ power ICs integrate GaN power and drive plus protection and control to deliver simple, small, fast and efficient performance, said the firm.

GaNFast power ICs are integrated in over 130 mobile chargers, which is more than all other GaN companies combined, and includes fast chargers from Xiaomi, LG, Dell, Amazon, Oppo, Anker, Belkin and dozens of other major OEMs. With over 130 patents issued or pending, and significant trade secrets including a proprietary process design kit (PDK), Navitas believes it has a multi-year lead in next-generation GaN power ICs, said the company.

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!”

Deutsche Bank Securities and Jefferies are serving as co-financial advisors to Navitas.