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1 June 20232 minute read

DLA Piper advises Navitas Semiconductor in the closing of an US$80 million follow-on public offering

DLA Piper advised Navitas Semiconductor Corporation (Nasdaq: NVTS), an industry leader in next-generation power semiconductors, in closing an US$80 million underwritten follow-on public offering.

On May 24, the company announced the pricing of its 10,000,000 shares of Class A common stock at a price to the public of US$8.00 per share, and the offering closed on May 26.

Navitas, which was grown from an early-stage venture-backed company that went public in 2021 via a SPAC transaction, intends to use the net proceeds for working capital and other general corporate purposes, including strategic manufacturing investments or potential acquisitions.

“Congratulations to Navitas in the success of its public offering. Given the current headwinds in the fundraising environment, not too many companies are doing large public offerings, so this is a great accomplishment not only for the company but also in the semiconductor industry,” said Jeffrey Selman, chair of DLA Piper’s SPAC Transactional Practice, who led the deal team.

Along with Selman (San Francisco), the DLA Piper team that advised Navitas included partner Alan Seem (Palo Alto) and associate Clara Knapp (San Francisco).

With more than 1,000 corporate lawyers globally, DLA Piper helps clients execute complex transactions seamlessly while supporting clients across all stages of development. The firm has been rated number one in global M&A volume for 12 consecutive years, according to Mergermarket.

DLA Piper's global Technology sector lawyers work across practice areas and offices to support technology clients – from startups to fast-growing and mid-market businesses to mature global enterprises – doing business around the world.