Live Oak Acquisition II said today that it is extending its offer to acquire all issued and allotted ordinary shares and preferred shares of Navitas Semiconductor, other than restricted shares, until Oct. 15 unless the offer is further extended or withdrawn.
The offer is pursuant to the SPAC’s proposed merger with Navitas. Except for the extension of the tender offer, all other terms and conditions of the tender offer remain the same.
The integrated circuits company and Live Oak II last month announced they had 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 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.
Announced in May, if the deal is If approved the combined company would have a valuation of $1.04 billion. Read more.
