Navitas Semiconductor issued 3,277,438 shares of Class A common stock to satisfy a contingent earnout obligation under its 2021 Business Combination Agreement.
Key takeaways
The share issuance satisfies 'Triggering Event I' under the Business Combination Agreement, delivering shares to former Legacy Navitas stockholders.
Up to 10,000,000 total earnout shares remain contingently issuable if certain stock price targets are met before October 19, 2026.
The issuance increases the outstanding share count, resulting in dilution for existing Class A common stockholders.