- Next-generation power semiconductor leader will “Electrify Our World™”
- CEO rings Nasdaq opening bell as NVTS debuts after only 7 years as start-up
- Over $1B enterprise value, and over $320M raise for new markets expansion
El Segundo, CA, October 20, 2021— Navitas Semiconductor (“Navitas”), the industry leader in GaN power ICs, began trading today on the Nasdaq Global Market under the ticker “NVTS”. CEO Gene Sheridan, accompanied by members of the company’s leadership team, celebrated Navitas’ first day of trading by ringing the bell at the Nasdaq MarketSite in New York.
Gallium nitride (GaN) is a next-generation semiconductor technology that runs up to 20x faster than legacy silicon, and enables up to 3x more power and 3x faster charging in half the size and weight. Navitas’ GaNFast™ power ICs integrate GaN power and drive plus protection and control to deliver simple, small, fast and efficient performance. GaNFast power ICs are integrated in over 130 mobile chargers, which is more than all other GaN companies combined, and includes fast chargers from Xiaomi, Dell, Lenovo, LG, Amazon, OPPO, Anker, Belkin and dozens of other major OEMs. As of October 2021, over 30 million GaNFast power ICs had been shipped with zero field failures, demonstrating excellent quality and reliability in the mobile market, and paving the way for expansion into consumer, solar, energy storage, data center and EV markets.
All of Navitas’ co-founders are still with the company and celebrated at the Nasdaq podium, including Gene Sheridan, CEO, Dan Kinzer, COO/CTO, Nick Fichtenbaum, VP Engineering and Jason Zhang, VP Applications and Technical Marketing. 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.
The opening bell ceremony was broadcast live by TV networks including Fox, CNBC, and Bloomberg, and live-streamed via Facebook to the entire Navitas team and investors around the world, with local parties in Los Angeles, Shanghai, Shenzhen, Taipei, Manila and many other Navitas locations.
“It’s an exciting day, and a great chance to congratulate the whole next-gen power eco-system, from talented IC designers plus dedicated sales and applications teams, to partner customers and allied investors,” said Gene Sheridan, CEO and co-founder. “The first seven years have seen extreme growth in Navitas IP, revenues, customers… and we’re looking forward to the next seven years, as we look to accelerate the transition to EVs, save billions in data center electricity costs and lower CO2 emissions by up to 2.6 Gtons/year by 2050. Let’s Go GaNFast!”
Significant Navitas investors sent congratulatory messages which were displayed on the Nasdaq tower in Times Square, and many joined the Navitas team on stage. The Navitas mascots “Gallie and Nitro” (gallium, Ga and Nitrogen, N) made their official US debut, representing the speed of GaN and the energy of “Planet Navitas”. Fast-charger customer videos from Lenovo, OPPO, Spigen, Satechi and UGREEN featured the GaNFast branding and attributes of speed, lightweight and slim profile. Key environmental benefits of GaN were also highlighted, with each GaN power IC shipped saving up to 4 kg of CO2 emissions versus legacy silicon chips.
Navitas completed its business combination with Live Oak Acquisition Corp. II (“Live Oak II”) on October 19th. “We’re celebrating along with the Navitas team today,” said Rick Hendrix, formerly Live Oak II’s CEO and now board member at Navitas. “This is a deep-tech business, and the Navitas team comprehensively and confidently educated investors on the next-gen technology, the diverse markets and the detailed business model that makes GaN power ICs a great long-term story. We’re confidently locked-in with the Navitas senior management team for several years, which shows our commitment to this game-changing technology and our long-term investors”
Navitas Semiconductor is the industry leader in GaN power IC’s, founded in 2014. Navitas’ common shares and warrants will begin trading on Wednesday, October 20, 2021 on the Nasdaq Global Market under the ticker symbols “NVTS” and “NVTSW”. Navitas has a strong and growing team of power semiconductor industry experts with a combined 300 years of experience in materials, devices, applications, systems and marketing, plus a proven record of innovation with over 200 patents among its founders. 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 field failures.
About Live Oak Acquisition Corp. II
Live Oak II raised $253 million in December 2020, and, prior to October 20, 2021, its units, Class A common stock and warrants are listed on the NYSE under the tickers “LOKB.U,” “LOKB” and LOKB WS,” respectively. Live Oak II was a blank-check company whose business purpose was to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Live Oak II was led by an experienced team of managers, operators and investors who have played important roles in helping build and grow profitable public and private businesses, both organically and through acquisitions, to create value for stockholders. The team has experience operating and investing in a wide range of industries, bringing a diversity of experiences as well as valuable expertise and perspective.
Cautionary Statement Regarding Forward Looking Statements
The information in this press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, regarding the benefits of the transaction and the combined company’s future financial performance, as well as the combined company’s strategy, future operations, estimated financial position, estimated revenues and losses, projections of market opportunity and market share, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this press release, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “plan,” “seek,” “expect,” “project,” “forecast,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words.
Live Oak II and Navitas caution you that the forward-looking statements contained in this press release are subject to numerous risks and uncertainties, including the possibility that the expected growth of Navitas’ business will not be realized, or will not be realized within the expected time period, due to, among other things: (i) Navitas’ goals and strategies, future business development, financial condition and results of operations; (ii) Navitas’ customer relationships and ability to retain and expand these customer relationships; (iii) Navitas’ ability to accurately predict future revenues for the purpose of appropriately budgeting and adjusting Navitas’ expenses; (iv) Navitas’ ability to diversify its customer base and develop relationships in new markets; (v) the level of demand in Navitas’ customers’ end markets; (vi) Navitas’ ability to attract, train and retain key qualified personnel; (vii) changes in trade policies, including the imposition of tariffs; (viii) the impact of the COVID-19 pandemic on Navitas’ business, results of operations and financial condition; (ix) the impact of the COVID-19 pandemic on the global economy; (x) the ability of Navitas to maintain compliance with certain U.S. Government contracting requirements; (xi) regulatory developments in the United States and foreign countries; and (xii) Navitas’ ability to protect its intellectual property rights. Forward-looking statements are also subject to additional risks and uncertainties, including (i) changes in domestic and foreign business, market, financial, political and legal conditions; (ii) the outcome of any legal proceedings that may be instituted against Live Oak II or Navitas following announcement of the transaction; (iii) the risk that the transaction disrupts Live Oak II’s or Navitas’ current plans and operations as a result of the announcement of the transaction; (iv) costs related to the proposed transaction; (v) failure to realize the anticipated benefits of the transaction; (vi) risks relating to the uncertainty of the projected financial information with respect to Navitas; (vii) risks related to the rollout of Navitas’ business and the timing of expected business milestones; (viii) the effects of competition on Navitas’ business; (ix) the amount of redemption requests made by Live Oak II’s public stockholders; (x) the ability of Live Oak II or the combined company to issue equity or equity-linked securities in connection with the transaction or in the future; and (xi) those factors discussed in Live Oak II’s registration statement on Form S-4 (File No. 333-256880) (the “Registration Statement”) filed with the Securities and Exchange Commission (the “SEC”) and Live Oak II’s final prospectus filed with the SEC on December 4, 2020 under the heading “Risk Factors” and other documents of Live Oak II filed, or to be filed, with the SEC.
If any of the risks described above materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by our forward-looking statements. There may be additional risks that neither Live Oak II nor Navitas presently know or that Live Oak II and Navitas currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Live Oak II’s and Navitas’ expectations, plans or forecasts of future events and views as of the date of this press release. Live Oak II and Navitas anticipate that subsequent events and developments will cause Live Oak II’s and Navitas’ assessments to change. However, while Live Oak II and Navitas may elect to update these forward-looking statements at some point in the future, Live Oak II and Navitas specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing Live Oak II’s and Navitas’ assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.
Graham Robertson, CMO Grand Bridges
Stephen Oliver, VP Corporate Marketing & Investor Relations
For Live Oak II
Adam J. Fishman, Managing Partner
Navitas Semiconductor, GaNFast and the Navitas logo are trademarks or registered trademarks of Navitas Semiconductor Limited. 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.