24 May 2023
Navitas announces proposed $80m public offering
Gallium nitride (GaN) power IC and silicon carbide (SiC) technology firm Navitas Semiconductor of Torrance, CA, USA has commenced an underwritten public offering of $80m of shares of its Class A common stock. All of the shares are being offered by Navitas. In addition, Navitas intends to grant the underwriters a 30-day option to purchase up to an additional $12m of shares at the public offering price, minus underwriting discounts and commissions.
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 are acting as joint book-running managers for the proposed offering.
The securities are being offered by Navitas pursuant to an effective shelf registration statement that was previously filed with the US Securities and Exchange Commission (SEC). A preliminary prospectus supplement and accompanying prospectus relating to and describing the terms of the proposed offering will be filed with the SEC and may be obtained, when available from Morgan Stanley & Co LLC.