DUBLIN and MEMPHIS, Tenn., Oct.
13, 2021 /PRNewswire/ -- Navitas
Semiconductor ("the Company" or "Navitas"), the industry
leader in GaN Power ICs, and Live Oak Acquisition Corp. II (NYSE:
LOKB) ("Live Oak II" or "LOKB"), a blank check company, announced
that at their special meeting held yesterday, Live Oak II
shareholders voted to approve the previously proposed business
combination between Live Oak II and Navitas (the "Business
Combination"), as well as all other proposals related to the
Business Combination. Approximately 98.4% of the votes cast
at the special meeting voted to approve the Business
Combination.
Combined Company Expected to Begin Trading on NASDAQ Under Ticker
Symbols "NVTS" and "NVTSW".
Live Oak II [has filed] the results of the Special
Meeting, as tabulated by an independent inspector of elections, on
a Form 8-K with the Securities and Exchange Commission (the "SEC")
today.
The Business Combination is expected to close on October 19, 2021, subject to the satisfaction or
waiver of certain other customary closing conditions.
Upon closing, the combined company is expected to be listed on
the NASDAQ Global Market on October 20,
2021, with its common stock and warrants trading under the
new ticker symbols, "NVTS" and "NVTSW", respectively.
Gene Sheridan, the Company's
co-founder and CEO, is expected to ring the Opening Bell
on Wednesday, October 20th, 2021 in
celebration of Navitas' listing on the NASDAQ exchange.
About Navitas
Navitas is the industry leader in
gallium nitride (GaN) power ICs, founded in 2014. Navitas has
a strong and growing team of power semiconductor industry experts
with a combined 300 years of experience in materials, devices,
applications, systems and marketing, plus a proven record of
innovation with over 200 patents among its founders. GaN power ICs
integrate GaN power with drive, control and protection to enable
faster charging, higher power density and greater energy savings
for mobile, consumer, enterprise, eMobility and new energy markets.
Over 130 Navitas patents are issued or pending, and over 25 million
GaNFast power ICs have been shipped with zero reported field
failures.
About Live Oak Acquisition Corp. II
Live Oak II
raised $253 million in December 2020, and its units,
Class A common stock and warrants are listed on the NYSE under the
tickers "LOKB.U," "LOKB" and LOKB WS," respectively. Live Oak II is
a blank check company whose business purpose is to effect a merger,
capital stock exchange, asset acquisition, stock purchase,
reorganization or similar business combination with one or more
businesses. Live Oak II is led by an experienced team of managers,
operators and investors who have played important roles in helping
build and grow profitable public and private businesses, both
organically and through acquisitions, to create value for
stockholders. The team has experience operating and investing in a
wide range of industries, bringing a diversity of experiences as
well as valuable expertise and perspective.
Cautionary Statement Regarding Forward Looking
Statements
The information in this press release includes
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, as amended (the "Securities Act"), and
Section 21E of the Securities Exchange Act of 1934, as amended. All
statements, other than statements of present or historical fact
included in this press release, regarding the proposed transaction,
the ability of the parties to consummate the transaction, the
benefits of the transaction and the combined company's future
financial performance, as well as the combined company's strategy,
future operations, estimated financial position, estimated revenues
and losses, projections of market opportunity and market share,
projected costs, prospects, plans and objectives of management are
forward-looking statements. When used in this press release, the
words "could," "should," "will," "may," "believe," "anticipate,"
"intend," "estimate," "plan," "seek," "expect," "project,"
"forecast," the negative of such terms and other similar
expressions are intended to identify forward-looking statements,
although not all forward-looking statements contain such
identifying words.
Live Oak II and Navitas caution you that the forward-looking
statements contained in this press release are subject to numerous
risks and uncertainties, including the possibility that the
expected growth of Navitas' business will not be realized, or will
not be realized within the expected time period, due to, among
other things: (i) Navitas' goals and strategies, future business
development, financial condition and results of operations; (ii)
Navitas' customer relationships and ability to retain and expand
these customer relationships; (iii) Navitas' ability to accurately
predict future revenues for the purpose of appropriately budgeting
and adjusting Navitas' expenses; (iv) Navitas' ability to diversify
its customer base and develop relationships in new markets; (v) the
level of demand in Navitas' customers' end markets; (vi) Navitas'
ability to attract, train and retain key qualified personnel; (vii)
changes in trade policies, including the imposition of tariffs;
(viii) the impact of the COVID-19 pandemic on Navitas' business,
results of operations and financial condition; (ix) the impact of
the COVID-19 pandemic on the global economy; (x) the ability of
Navitas to maintain compliance with certain U.S. Government
contracting requirements; (xi) regulatory developments in the
United States and foreign countries; and (xii) Navitas'
ability to protect its intellectual property rights.
Forward-looking statements are also subject to additional risks and
uncertainties, including (i) changes in domestic and foreign
business, market, financial, political and legal conditions; (ii)
the inability of the parties to successfully or timely consummate
the proposed transaction, including the risk that any required
regulatory approvals are not obtained, are delayed or are subject
to unanticipated conditions that could adversely affect the
combined company or the expected benefits of the proposed
transaction or that the approval of the stockholders of Live Oak II
is not obtained; (iii) the outcome of any legal proceedings that
may be instituted against Live Oak II or Navitas following
announcement of the proposed transaction; (iv) the risk that the
proposed transaction disrupts Live Oak II's or Navitas' current
plans and operations as a result of the announcement of the
proposed transaction; (v) costs related to the proposed
transaction; (vi) failure to realize the anticipated benefits of
the proposed transaction; (vii) risks relating to the uncertainty
of the projected financial information with respect to Navitas;
(viii) risks related to the rollout of Navitas' business and the
timing of expected business milestones; (ix) the effects of
competition on Navitas' business; (x) the amount of redemption
requests made by Live Oak II's public stockholders; (xi) the
ability of Live Oak II or the combined company to issue equity or
equity-linked securities in connection with the proposed
transaction or in the future; and (xii) those factors discussed in
the Registration Statement filed with the SEC and Live Oak II's
final prospectus filed with the SEC on December 4,
2020 under the heading "Risk Factors" and other documents of
Live Oak II filed, or to be filed, with the SEC.
If any of the risks described above materialize or our
assumptions prove incorrect, actual results could differ materially
from the results implied by our forward-looking statements. There
may be additional risks that neither Live Oak II nor Navitas
presently know or that Live Oak II and Navitas currently believe
are immaterial that could also cause actual results to differ from
those contained in the forward-looking statements. In addition,
forward-looking statements reflect Live Oak II's and Navitas'
expectations, plans or forecasts of future events and views as of
the date of this press release. Live Oak II and Navitas anticipate
that subsequent events and developments will cause Live Oak II's
and Navitas' assessments to change. However, while Live Oak II and
Navitas may elect to update these forward-looking statements at
some point in the future, Live Oak II and Navitas specifically
disclaim any obligation to do so. These forward-looking statements
should not be relied upon as representing Live Oak II's and
Navitas' assessments as of any date subsequent to the date of this
press release. Accordingly, undue reliance should not be placed
upon the forward-looking statements.
Important Information and Where to Find It
In
connection with the proposed business combination between Live Oak
II and Navitas, the registration statement has been declared
effective by the SEC. That registration statement includes the
related proxy statement and prospectus of Live Oak II with respect
to Live Oak IIs' special meeting of stockholders. Live Oak IIs'
shareholders and other interested persons are advised to read the
registration statement and the related proxy statement/prospectus
and any documents filed in connection therewith, as these materials
will contain important information about Navitas, Live Oak II, and
the proposed business combination. The definitive proxy statement
and related materials have been mailed to Live Oak IIs'
shareholders who were holders of record as of September13,
2021.
Stockholders may obtain free copies of the proxy
statement/prospectus and other documents containing important
information about Live Oak II and Navitas through the website
maintained by the SEC at http://www.sec.gov.
Contact Information
For Navitas
Media
Graham Robertson, CMO Grand Bridges
Graham@GrandBridges.com
Investors
Stephen
Oliver, VP Corporate Marketing & Investor Relations
ir@navitassemi.com
For Live Oak II
Adam J. Fishman, COO
afishman@liveoakmp.com
Navitas Semiconductor and the Navitas logo are
trademarks or registered trademarks of Navitas Semiconductor,
Limited. All other brands, product names and marks are or may be
trademarks or registered trademarks used to identify products or
services of their respective owners.
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SOURCE Navitas Semiconductor
