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Navitas Semiconductor Announces Full Exercise of Underwriters’ Option to Purchase Additional Shares
TORRANCE, Calif., June 05, 2023 (GLOBE NEWSWIRE) -- Navitas Semiconductor Corporation (Nasdaq: NVTS) today announced, in connection with its previously
About this update from Navitas Semiconductor Corporation
[{"type":"text","content":"TORRANCE, Calif., June 05, 2023 (GLOBE NEWSWIRE) -- Navitas Semiconductor Corporation (Nasdaq: NVTS) today announced, in connection with its previously announced public offering of 10,000,000 shares of its Class A common stock, the full exercise by the underwriters of their option to purchase 1,500,000 additional shares of Class A common stock at the public offering price of $8.00 per share, resulting in additional gross proceeds to Navitas of $12.0 million, 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 by Navitas in the offering increased to 11,500,000 shares. Aggregate gross proceeds, before deducting underwriting discounts and commissions and offering expenses, were $92.0 million. The issuance and sale of the additional shares closed on June 5, 2023. Navitas intends to use the net proceeds from the offering 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. The securities were offered by Navitas pursuant to a shelf registration statement that was previously filed with, and declared effective by, the U.S. Securities and Exchange Commission (SEC). A final prospectus supplement and accompanying prospectus relating to the offering have been filed with the SEC and may be obtained from: Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014, or by email at [email protected]; and Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, NY 10022, by telephone at (877) 821-7388, or by email at [email protected]; or by accessing the SEC’s website at www.sec.gov. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification...