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Navitas Semiconductor has officially begun trading on the Nasdaq Global Market under the ticker NVTS as of October 20, 2021. The company's CEO, Gene Sheridan, celebrated this milestone by ringing the opening bell at the Nasdaq MarketSite in New York. Navitas, a leader in GaN power ICs, has integrated its technology in over 130 mobile chargers from major brands and shipped over 30 million GaNFast power ICs with zero field failures. The company aims to expand into new markets and reduce CO2 emissions significantly through its innovative power solutions.
Navitas Semiconductor (NASDAQ: NVTS) has successfully completed its business merger with Live Oak Acquisition Corp. II (NYSE: LOKB), with an overwhelming 98% stockholder approval on October 12, 2021. The transaction generated over $320 million in gross proceeds, designed to expedite product development in GaN power ICs. Common shares will trade under symbols NVTS and NVTSW starting October 20, 2021. CEO Gene Sheridan emphasized the company's aim to lead in next-generation power semiconductors, facilitating the transition to clean energy.
On October 13, 2021, Live Oak Acquisition Corp. II (LOKB) announced that its shareholders approved the business combination with Navitas Semiconductor, a leader in GaN Power ICs. Approximately 98.4% of votes were in favor of the merger, which is set to finalize by October 19, 2021, pending customary closing conditions. The newly formed entity will begin trading on NASDAQ under the ticker symbols NVTS and NVTSW on October 20, 2021. This merger aims to leverage Navitas' extensive patent portfolio and industry expertise to enhance its growth trajectory in the power semiconductor market.
On October 8, 2021, Navitas Semiconductor announced the opening of a new office in Shenzhen, China, enhancing its capabilities by 300% to meet growing customer demand in the region. This state-of-the-art facility aims to support GaN-based power systems and capitalize on opportunities in sectors such as mobile fast chargers, data centers, solar installations, and electric vehicles, which represent a multi-billion-dollar market. With over 130 patents, Navitas is positioned as an industry leader in gallium nitride technologies and aims to reduce CO2 emissions through its innovations.
Navitas Semiconductor and Live Oak Acquisition Corp. II have announced updates to their business combination, valuing the combined entity at $1.04 billion. The PIPE investment has increased by $18 million, totaling $173 million, along with a forward-purchase agreement of up to $30 million. Navitas, a leader in Gallium Nitride (GaN) technology, has increased its OEM partnerships from 75 to over 140 and has shipped more than 25 million GaNFast power ICs. The press release also emphasizes the strategic importance of GaN technology, which outperforms legacy silicon.
Navitas Semiconductor announced the launch of Xiaomi's new smartphone, the Xiaomi Civi, featuring a 55W GaN charger utilizing Navitas' GaNFast power IC. The charger fully charges the Civi's 4500mAh battery in just 50 minutes. Targeted towards young female consumers, the Civi boasts a sleek design and innovative imaging technology, including a 32-megapixel front camera. The collaboration marks a significant milestone for both companies, enhancing Xiaomi's commitment to technology and user experience.
Navitas Semiconductor and Compuware have partnered to enhance data center power supply efficiency using GaN technology. This collaboration aims to optimize costs and energy usage, potentially saving over 15 TWhr and $1.9 billion annually. Current data centers using silicon achieve 75% efficiency, while GaN-based systems could reach 84%, marking a 36% improvement. The partnership also aligns with new EU regulations demanding higher efficiency standards starting January 1, 2023. This shift not only promises significant cost savings but also aims to facilitate a reduction of 2.6 Gtons in annual CO2 emissions by 2050.
Navitas Semiconductor and BRUSA HyPower AG have announced a technology partnership aimed at accelerating electric vehicle (EV) adoption using Navitas' Gallium Nitride (GaN) power integrated circuits (ICs). This collaboration aims to reduce the size and weight of power electronics in EV charging, addressing key barriers to EV adoption such as range anxiety and long charging times. Navitas estimates that their GaN technology could lead to up to 70% energy savings, faster charging, and a potential $250 revenue per EV by 2026. Additionally, adoption of GaN could accelerate EV rollout by up to three years, significantly cutting road sector emissions by 2050.
Live Oak Acquisition Corp. II (NYSE: LOKB) announced an extension of its tender offer to acquire all ordinary and preferred shares of Navitas Semiconductor Limited until October 15, 2021. As of September 17, 2021, approximately 94.3% of ordinary shares and nearly all preferred shares have been tendered. The business combination aims to integrate Navitas, enhancing value for shareholders. However, the agreement remains subject to conditions outlined in the prior Offer to Acquire.
Navitas Semiconductor, a leader in GaN power IC technology, announced its participation in the Taiwan VIP Investor Meeting on September 16, 2021, at 10 PM US EDT. CEO Gene Sheridan will discuss the $13.1B market potential for GaN technology, which operates up to 20x faster than silicon, offering power and charging improvements in a compact form. This meeting aims to engage Taiwanese investors, showcasing Navitas' commitment to innovative and environmentally beneficial solutions. GaN ICs reduce CO2 emissions by up to 10x compared to traditional chips.
