EL SEGUNDO, Calif., Nov. 30, 2021 /PRNewswire/ -- Navitas Semiconductor (Nasdaq: NVTS), the industry-leader in gallium nitride (GaN) power integrated circuits (ICs) 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 [18], 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.

About Atalaya
Atalaya Capital Management LP ("Atalaya"). Atalaya is a privately held, SEC-registered alternative investment advisory firm that focuses primarily on private credit and special opportunities investments.

About Navitas
Navitas Semiconductor (Nasdaq: NVTS) is the industry leader in GaN power ICs, founded in 2014. GaN power ICs integrate GaN power with drive, control and protection to enable faster charging, higher power density and greater energy savings for mobile, consumer, enterprise, eMobility and new energy markets. Over 130 Navitas patents are issued or pending, and over 30 million GaNFast power ICs have been shipped with zero reported GaN field failures. Navitas rang the Nasdaq opening bell and started trading on Nasdaq on October 20th, 2021, with an enterprise value over $1B and over $320M gross capital raise.

Navitas Semiconductor, GaNFast and the Navitas logo are trademarks or registered trademarks of Navitas Semiconductor. All other brands, product names and marks are or may be trademarks or registered trademarks used to identify products or services of their respective owners.

Contact Information
Stephen Oliver, VP Corporate Marketing & Investor Relations
[email protected]

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SOURCE Navitas Semiconductor