Navitas Semiconductor and Live Oak Acquisition II said the SPAC has secured additional investors who are contributing $18 million in commitments at same terms as existing PIPE investors, bringing total anticipated PIPE proceeds to $173 million. The SPAC also has a new forward-purchase agreement for up to $30 million from an affiliate of Atalaya Capital Management.
Live Oak II also has 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.
The SPAC has been adding money to the pot for the last two months.
Announced in May, if the deal is If approved the combined company would have a valuation of $1.04 billion. Read more.
