Navitas Semiconductor Successfully Concludes $30,000,000 Forward-Purchase Transaction


Navitas Semiconductor, a provider of gallium nitride (GaN) power integrated circuits (ICs), has announced the conclusion of a prepaid, forward-purchase transaction, resulting in the removal of restrictions affecting $30 million of cash on the company’s balance sheet and 3,000,000 outstanding shares of Navitas common stock.

As previously disclosed, on October 6, 2021, Navitas (then known as Live Oak Acquisition Corp. II (“LOKB”)) entered into a prepaid forward-purchase agreement with an affiliate of Atalaya Capital Management LP (“Atalaya”). Per the agreement, Atalaya had the right to purchase up to 3,000,000 LOKB shares from shareholders who had redeemed shares or indicated an interest in redeeming shares, prior to the closing of LOKB’s business combination transaction with Navitas. The agreement provided for Atalaya to sell the shares it purchased to Navitas within two years, at the redemption price in effect prior to closing. Atalaya also had the right to sell the shares to others during the two-year term, concluding the forward purchase obligations with Navitas in an amount corresponding to the number of shares sold.

On November 18th, 2021, Atalaya notified Navitas that it had sold all 3,000,000 shares covered by the agreement in open-market transactions. As a result, a total of approximately $30 million has been remitted to Navitas, free of any restrictions.