Navitas Semiconductor to Begin Trading on Nasdaq on Oct 20

• California-based Navitas has revealed the conclusion of its business mix with Live Oak Acquisition Corp.II. Navitas' GaNFast ™ power ICs incorporate GaN power and drive plus defense and also control to supply straightforward, tiny, quick and effective performance, stated the company.

California-based solar tools vendor Navitas Semiconductor has announced the completion of its business mix with Live Oak Acquisition Corp. II. Live Oak II investors extremely authorized the deal on October 12, 2021 with over 98% authorization rating.

Gallium nitride (GaN) is a next-generation semiconductor innovation that is stated to run up to 20x faster than heritage silicon, and enables approximately 3x more power as well as 3x faster butting in half the size as well as weight. Navitas' GaNFast ™ power ICs integrate GaN power as well as drive plus defense as well as control to supply simple, little, rapid and also effective efficiency, claimed the company.

GaNFast power ICs are integrated in over 130 mobile battery chargers, which is more than all other GaN companies combined, and also consists of fast chargers from Xiaomi, LG, Dell, Amazon, Oppo, Anker, Belkin and also dozens of other significant OEMs. With over 130 licenses issued or pending, as well as substantial trade secrets including a proprietary procedure layout package (PDK), Navitas believes it has a multi-year lead in next-generation GaN power ICs, stated the business.

Navitas' usual shares and also warrants will begin trading on Wednesday, October 20, 2021 on the Nasdaq Global Market under the ticker symbols "NVTS" and "NVTSW". Gene Sheridan, Navitas CEO and founder will sound the opening bell at the Nasdaq MarketSite on the exact same day, as well as review the company's mission to become the next-generation power semiconductor leader.

The deal's pipeline, originally oversubscribed and also upsized at $145mm on May 7, 2021, had actually risen to $173mm at closing, with all investments at the original terms. Additional funding from Live Oak II's cash-in-trust, net of redemptions, increased the gross profits raised in the purchase to greater than $320mm. Navitas anticipates the additional resources will accelerate item advancement and also growth from an industry-leading placement in GaN mobile quick chargers into consumer, business, solar and also EV markets, as well as offer funds for non-organic development.

" From start-up to public business in simply 7 years, our objective at Navitas is to end up being the next-generation power semiconductor leader & amaze our world," said Gene Sheridan, chief executive officer and also founder. "We are at the correct time, with the right innovation and also absolutely the appropriate team to increase the globe's change from fossil fuels to clean, electrical energy. Let's Go GaNFast!"

Deutsche Bank Securities and also Jefferies are functioning as co-financial consultants to Navitas.