Navitas announces full exercise of underwriters’ option to purchase additional shares

What happened

Navitas Semiconductor completed its public offering, with underwriters fully exercising their option to purchase an additional 1.5 million shares at $8 each, bringing total gross proceeds to $92 million. This capital raise funds the company's expansion in GaN and SiC power semiconductors. Bearish: The equity offering increases share count, potentially diluting existing shareholders and putting downward pressure on the stock price in the near term.

Impact and signal

Affected components and suppliers

Source and time

Source: Semiconductor Today · 6/6/2023 · View original source