20 October 2021
Navitas completes Live Oak II business combination; rings Nasdaq opening bell
Gallium nitride (GaN) power integrated circuit firm Navitas Semiconductor of El Segundo, CA, USA and Dublin, Ireland has completed its business combination with Live Oak Acquisition Corp II - a publicly traded special-purpose acquisition company (SPAC) - whose stockholders overwhelmingly approved the transaction on 12 October (with over 98% approval rating).
Founded in 2014, Navitas introduced what it claimed to be the first commercial GaN power integrated circuits. Its proprietary GaNFast power ICs monolithically integrate GaN power field-effect transistors (FETs) and GaN drive plus control and protection circuits in a single SMT package. Since GaN is reckoned to run up to 20x faster than silicon, GaNFast power ICs are said to deliver up to 3x faster charging or 3x more power in half the size and weight, and with up to 40% energy savings compared with silicon chips. GaNFast power ICs are integrated in over 130 mobile chargers (more than all other GaN companies combined) and includes fast chargers from Xiaomi, LG, Dell, Amazon, Oppo, Anker, Belkin and dozens of other major OEMs. Over 30 million GaNFast power ICs have been shipped with zero reported field failures. 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.
Navitas’ common shares and warrants begin trading on 20 October on the Nasdaq Global Market (under the ticker symbols ‘NVTS’ and ‘NVTSW’), when CEO & co-founder Gene Sheridan is ringing the opening bell at the Nasdaq MarketSite.
The deal’s ‘PIPE’ (private investment in public equity), originally oversubscribed and upsized at $145m on 7 May, had risen to $173m at closing, with all investments at the original terms. Additional capital from Live Oak II’s cash-in-trust (net of redemptions) increased the gross proceeds raised in the transaction to more than $320m. Navitas expects that the additional capital will accelerate product development and expansion from an industry-leading position in GaN mobile fast chargers into consumer, enterprise, solar and electric vehicle (EV) markets, as well as providing funds for non-organic growth.
“From start-up to public company in just seven years, our goal at Navitas is to become the next-generation power semiconductor leader,” says Sheridan.