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Live Oak Acquisition Corp. II (NYSE:LOKB) ("Live Oak II"), announced today that it is extending its previously announced offer to acquire all issued and allotted ordinary shares and preferred shares of Navitas Semiconductor Limited, a private company limited by shares organized under the Laws of Ireland ("Navitas Ireland") and domesticated as a limited liability company in the State of Delaware as Navitas Semiconductor Ireland, LLC ("Navitas Delaware" and, together with Navitas Ireland, "Navitas"), other than outstanding restricted shares of Navitas Ireland granted pursuant to Navitas' 2020 Equity Incentive Plan, until October 15, 2021, at 11:59 p.m., New York City time, unless the offer is further extended or withdrawn by Live Oak II.
Live Oak II is making the offer pursuant to a Business Combination Agreement and Plan of Reorganization, dated as of May 6, 2021, by and among Live Oak II, a wholly owned subsidiary of Live Oak II, and Navitas whereby the parties intend to effect a business combination between Live Oak II and Navitas, on the terms and subject to the conditions set forth therein. Except for the extension of the tender offer, all other terms and conditions of the tender offer remain the same as set forth in the Offer to Acquire dated July 9, 2021 and the related letter of transmittal.
As of 12:01 a.m., New York City time, on September 17, 2021, approximately (i) 15,832,819 ordinary shares of Navitas Ireland, par value U.S. $0.0001 per share (each a "Navitas Ireland Common Share"), have been validly tendered and not withdrawn pursuant to the tender offer, representing approximately 94.3% of the outstanding Navitas Ireland Common Shares, (ii) 16,572,611 Series A preferred shares of Navitas Ireland, par value U.S. $0.0001 per share (the "Navitas Series A Preferred Shares"), have been validly tendered and not withdrawn pursuant to the tender offer, representing approximately 99.7% of the outstanding Navitas Series A Preferred Shares; (iii) 5,048,872 Series B-1 preferred shares of Navitas Ireland, par value U.S. $0.0001 per share (the "Navitas Series B-1 Preferred Shares"), have been validly tendered and not withdrawn pursuant to the tender offer, representing approximately 93.2% of the outstanding Navitas Series B-1 Preferred Shares; (iv) 15,456,273 Series B-2 preferred shares of Navitas Ireland, par value U.S. $0.0001 per share (the "Navitas Series B-2 Preferred Shares"), have been validly tendered and not withdrawn pursuant to the tender offer, representing approximately 84.9% of the outstanding Navitas Series B-2 Preferred Shares; and (v) 14,200,514 Series B preferred shares of Navitas Ireland, par value U.S. $0.0001 per share (the "Navitas Series B Preferred Shares"), have been validly tendered and not withdrawn pursuant to the tender offer, representing approximately 99.9% of the outstanding Navitas Series B Preferred Shares.
Posted In: LOKB
