Live Oak Acquisition II filed a prelimionary proxy on its proposed merger with Navitas Semiconductor.
Navitas is considered an indusry leader in the semiconductor technology Gallium nitride, which runs up to 20x faster than legacy silicon, and enables up to 3x more power or 3x faster charging in half the size and weight.
The transaction is expected to deliver up to $398 million of gross proceeds to the combined company, assuming minimal redemptions by Live Oak II stockholders. This includes an oversubscribed and upsized $145 million private placement of Class A common stock at $10 per share.
The SPAC will also issue up to 10 million additional shares of Class A Common Stock to eligible Navitas equityholders, in three equal tranches, upon the satisfaction of price targets of $12.50, $17 and $20, which are based upon the volume-weighted average closing sale price of one share of Class A Common Stock quoted on the NYSE, spread across certain time periods.
A vote date on the deal has not been set. Read more.
