Integrated circuits company Navitas Semiconductor and Live Oak Acquisition II have raised an additional $10 million from an affiliate of Atlantic Bridge, an existing investor in Navitas, that will be used with the existing $145 million PIPE.
Live Oak II has also entered into a redemption backstop agreement with Encompass Capital Advisors, which has investment discretion to purchase up to 2 million shares of the SPAC’s stock prior to the closing of the business combination. Encompass has also agreed to not redeem any shares and to vote its shares in favor of the merger and all other proposals.
If approved, the combined company would have a valuation of $1.04 billion.
A shareholder vote date on the Navitas deal was not included in the SPAC’s most recent S-4, filed today. Read more.
