Navitas semiconductor announces pricing of public offering of class a common stock

Torrance, calif., may 24, 2023 (globe newswire) -- navitas semiconductor corporation (nasdaq: nvts), an industry leader in next-generation power semiconductors, announced the pricing of its previously announced underwritten public offering of 10,000,000 shares of its class a common stock at a price to the public of $8.00 per share. all of the shares in the offering are being offered by navitas. the gross proceeds to navitas from the offering, before deducting underwriting discounts and commissions and offering expenses, are expected to be $80.0 million. in addition, navitas has granted the underwriters a 30-day option to purchase up to an additional 1,500,000 shares of class a common stock at the public offering price, less underwriting discounts and commissions. the offering is expected to close on may 26, 2023, subject to the satisfaction of customary closing conditions.
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