2023-05-24 09:22:05 ET
- Navitas Semiconductor ( NASDAQ: NVTS ) on Wednesday priced the underwritten public offering of its Class A shares to raise $80 million.
- Shares -23.1% at $7.28 premarket.
- The company will offer and sell 10 million shares of its Class A common stock at $8.00 apiece.
- The offer price implies a 15.5% discount to the stock's closing price of $9.47 on Tuesday.
- The underwriters have a 30-day option to purchase up to an additional 1.5 million Class A shares.
- The net proceeds from the offering will be used for working capital and other general corporate purposes, including potential acquisitions or strategic manufacturing investments.
- Morgan Stanley and Jefferies are acting as lead book-running managers for the offering.
- Deutsche Bank Securities is also acting as a bookrunner. Needham & Company is acting as the lead manager. Craig-Hallum and Rosenblatt Securities are acting as co-managers.
- Press Release .
For further details see:
Navitas Semiconductor prices $80M stock offering at discount