Live Oak Acquisition II in an 8-K filing today includes a presentation to analysts on the SPAC’s pending merger with Navitas Semiconductor.
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 preliminary proxy on the deal was filed earlier this month.
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. Read more.