GaN power IC company Navitas Semiconductor is to become a publicly-traded company by combining with Live Oak Acquisition Corp II, a publicly-traded special purpose acquisition company.
The transaction will value the combined entity at a pro forma equity value of $1.4bn, according to Navitas.
“Not only has Navitas’ world-class team invented and patented revolutionary new technology, but we have also overcome all the key hurdles associated with bringing it to market,” said Navitas CEO and co-founder Gene Sheridan (pictured). “We are proud to enter the public capital markets with operating momentum and investor partners who share our enthusiasm for our long-term mission.”
“We are excited to partner with Navitas,” said Live Oak CEO Rick Hendrix. “This is the most compelling opportunity we have seen in the Semiconductor industry. The capital raised through this transaction will allow Navitas to expand from mobile and consumer markets into more power-intensive applications like data centres, solar energy and electric vehicles.”
Navitas was originally funded by its management team and outside investors. Capricorn Investment, Atlantic Bridge, seed investor Malibu IQ and all current investors are rolling all of their equity into this transaction, it said.
The company has shipped ICs into companies including Dell, Lenovo, LG, Xiaomi, OPPO, Amazon and Belkin.