News: Microelectronics
11 June 2021
Live Oak II files SEC registration statement for business combination with Navitas
Live Oak Acquisition Corp II has filed with the US Securities and Exchange Commission (SEC) a registration statement on Form S-4 that contains a preliminary proxy statement/prospectus for the proposed business combination (announced on 7 May) with Navitas Semiconductor Inc of El Segundo, CA, USA and Dublin, Ireland. The transaction, which values the combined entity at a pro forma equity value of $1.4bn, will result in Navitas becoming a publicly traded company on a national exchange under a new ticker symbol.
Since gallium nitride (GaN) is reckoned to run up to 20x faster than silicon, Navitas’ proprietary GaNFast power ICs are said to deliver up to 3x faster charging in half the size and weight, and with up to 40% energy savings compared with silicon chips. Founded in 2014, Navitas introduced what it claimed to be the first commercial GaN power ICs, which monolithically integrate GaN power field-effect transistors (FETs) and drive plus control and protection circuits, enabling faster charging, higher power density and greater energy savings for mobile, consumer, enterprise (data center, 5G), renewables (solar, energy storage) and electric vehicles (EVs)/eMobility markets.
Navitas is in mass production and ramping shipments to many major OEMs and after-market suppliers, including Dell, Lenovo, LG, Xiaomi, OPPO, Amazon, Belkin and dozens of others. Over 18 million GaNFast power ICs have been shipped, with zero reported field failures.
As a publicly traded special-purpose acquisition company (SPAC), Live Oak II is a blank check company whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Live Oak II is led by a team of managers, operators and investors who have played key roles in helping to 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 expertise and perspective.
Live Oak II raised $253m in December 2020, and its units, Class A common stock and warrants are listed on the NYSE under the tickers ‘LOKB.U’, ‘LOKB’ and ‘LOKB WS’, respectively. In connection with the closing of the transaction, Live Oak’s Class A common stock will be listed under the new ticker symbol ‘NVTS’.
Navitas was originally funded by the company’s management team, along with venture capitalists with long-term track records, focused on disruptive businesses in the clean-tech and electronics industries. Capricorn Investment Group, Atlantic Bridge and seed investor Malibu IQ, along with all current investors, are rolling 100% of their equity into the combined company.
Completion of the transaction, which is expected in third-quarter 2021, is subject to approval by Navitas’ and Live Oak’s respective stockholders, the registration statement being declared effective by the SEC, and other customary closing conditions. Proceeds of the transaction will be used to fund Navitas’ future growth initiatives.
