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Navitas Semiconductor ("the Company" or "Navitas"), the industry leader in GaN power integrated circuits ("ICs"), and its partner Live Oak Acquisition Corp. II ("Live Oak II") (NYSE:LOKB), a publicly-traded special-purpose acquisition company, provided certain updates related to their proposed business combination, which values the combined entity at a pro forma equity value of $1.04 billion.
Gallium nitride (GaN) is a next-generation semiconductor technology that runs up to 20x faster than legacy silicon, and enables up to 3x more power and 3x faster charging in half the size and weight. Navitas' GaNFast™ power ICs integrate GaN power and drive plus protection and control to deliver simple, small, fast and efficient performance. With over 130 patents issued or pending, and significant trade secrets including a proprietary process design kit (PDK), Navitas believes it has a multi-year lead in next-generation GaN power ICs.
Since the original announcement of the business combination on May 7th, 2021, the number of OEM chargers in mass production containing Navitas GaNFast power ICs has increased from 75 to more than 140, more than all GaN competitors combined, based on Navitas estimates. The number of GaNFast power ICs shipped has also increased, from over 18 million to over 25 million.
In addition to previously disclosed tier-1 customers such as Dell, Amazon, LG Electronics, Xiaomi and Belkin, Navitas recently showcased testimonials from partners across all target end-markets. This includes OPPO in the fast-charger market for smartphones, Lenovo in mobile and data center, Enphase Energy in the solar market, and Electric Vehicle system supplier Brusa Elektronik AG. The testimonials are available at www.navitassemi.com/ir/ and are included in the Investor Meeting video from July 26th, 2021.
Increased PIPE:
At the time that Navitas and Live Oak II entered into the definitive agreement for the business combination, Live Oak II also entered into subscription agreements for an oversubscribed and upsized $145mm private placement of Class A common stock in Live Oak II at $10.00 per share (the "PIPE"), from a diversified group of institutional investors. On August 17, 2021, Live Oak II entered into a subscription agreement with an affiliate of Atlantic Bridge, an existing investor in Navitas for an additional $10mm of Class A common stock to be issued in the PIPE, on the same terms as the existing PIPE investors.
Posted In: LOKB
