News: Microelectronics
25 May 2023
Navitas prices public offering to raise $80m, plus $12m option
Gallium nitride (GaN) power IC and silicon carbide (SiC) technology firm Navitas Semiconductor of Torrance, CA, USA says that its underwritten public offering of 10 million shares of Class A common stock (announced on 23 May) will be at a price to the public of $8.00 per share. All of the share are being offered by Navitas. The gross proceeds (before deducting underwriting discounts and commissions and offering expenses) are expected to be $80m.
In addition, Navitas has granted the underwriters a 30-day option to purchase up to an additional 1.5 million shares at the public offering price, minus underwriting discounts and commissions, raising an extra $12m.
The offering is expected to close on 26 May, subject to the satisfaction of customary closing conditions.
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 lead book-running managers for the offering. Deutsche Bank Securities is also acting as a book-running manager. Needham & Company is acting as lead manager. Craig-Hallum and Rosenblatt Securities are acting as co-managers.
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 offering were filed with the SEC and are available for free on the SEC’s website. A final prospectus supplement and accompanying prospectus relating to the offering will be filed with the SEC and may be obtained, when available, from Morgan Stanley & Co LLC.
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