Navitas Semiconductor today announced that it has entered into a definitive agreement to combine with Live Oak Acquisition II. The transaction values the combined entity at a pro forma equity value of $1.04 billion.
Navitas is 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.
Pending shareholder approval, the deal is expected to close in the third quarter. Read more.
