Navitas semiconductor announces full exercise of underwriters' option to purchase additional shares

Torrance, calif., june 05, 2023 (globe newswire) -- navitas semiconductor corporation (nasdaq: nvts) today announced, in connection with its previously announced public offering of 10,000,000 shares of its class a common stock, the full exercise by the underwriters of their option to purchase 1,500,000 additional shares of class a common stock at the public offering price of $8.00 per share, resulting in additional gross proceeds to navitas of $12.0 million, before deducting underwriting discounts and commissions and offering expenses. after giving effect to the full exercise of the option to purchase additional shares, the total number of shares sold by navitas in the offering increased to 11,500,000 shares. aggregate gross proceeds, before deducting underwriting discounts and commissions and offering expenses, were $92.0 million. the issuance and sale of the additional shares closed on june 5, 2023.
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