6 June 2023
Navitas announces full exercise of underwriters’ option to purchase additional shares
In connection with its public offering of 10 million shares of Class A common stock (announced on 23 May), gallium nitride (GaN) power IC and silicon carbide (SiC) technology firm Navitas Semiconductor Corp of Torrance, CA, USA has announced, the full exercise by the underwriters of their option to purchase 1.5 million additional shares at the public offering price of $8 per share, resulting in additional gross proceeds of $12m (before deducting underwriting discounts and commissions and offering expenses).
After giving effect to the full exercise of the option to purchase additional shares, the total number of shares sold in the offering hence rose to 11.5 million shares. Total gross proceeds, before deducting underwriting discounts and commissions and offering expenses, have therefore risen from $80m to $92m.
Navitas intends to use the net proceeds for working capital and other general corporate purposes, including potential acquisitions or strategic manufacturing investments.
Morgan Stanley and Jefferies acted as lead book-running managers for the offering. Deutsche Bank Securities also acted as a book-running manager. Needham & Company acted as lead manager. Craig-Hallum and Rosenblatt Securities acted as co-managers.