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Navitas Semiconductor Announces Proposed Public Offering of Class A Common Stock
TORRANCE, Calif., May 23, 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 23, 2023 (GLOBE NEWSWIRE) -- Navitas Semiconductor Corporation (Nasdaq: NVTS), an industry leader in next-generation power semiconductors, announced today that it has commenced an underwritten public offering of $80.0 million of shares of its Class A common stock. All of the shares in the proposed offering are being offered by Navitas. In addition, Navitas intends to grant the underwriters a 30-day option to purchase up to an additional $12.0 million of shares of its Class A common stock at the public offering price, less underwriting discounts and commissions. The proposed offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering. Navitas intends to use the net proceeds from this proposed offering 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 U.S. 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, 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 under the securities laws of any such state or jurisdiction. About Navitas Navitas Semiconductor is the only pure-play, next-generation power-semiconductor company, founded in 2014. GaNFast™ power ICs integrate gallium ...