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Navitas Semiconductor Announces Pricing of Public Offering of Class A Common Stock
TORRANCE, Calif., May 24, 2023 (GLOBE NEWSWIRE) -- Navitas Semiconductor Corporation (Nasdaq: NVTS), an industry leader in next-generation power
About this update from Navitas Semiconductor Corporation
[{"type":"text","content":"TORRANCE, Calif., May 24, 2023 (GLOBE NEWSWIRE) -- Navitas Semiconductor Corporation (Nasdaq: NVTS), an industry leader in next-generation power semiconductors, announced the pricing of its previously announced underwritten public offering of 10,000,000 shares of its Class A common stock at a price to the public of $8.00 per share. All of the shares in the offering are being offered by Navitas. The gross proceeds to Navitas from the offering, before deducting underwriting discounts and commissions and offering expenses, are expected to be $80.0 million. In addition, Navitas has granted the underwriters a 30-day option to purchase up to an additional 1,500,000 shares of Class A common stock at the public offering price, less underwriting discounts and commissions. The offering is expected to close on May 26, 2023, subject to the satisfaction of customary closing conditions. Navitas intends to use the net proceeds from this offering 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 U.S. 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, located at http://www.sec.gov. 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, 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 solicitatio...