Navitas Semiconductor Corporation (NASDAQ:NVTS) shares are trending on Thursday.
Check out the current price of NVTS stock here.
Shares of the ultra-efficient gallium nitride (GaN) semiconductor developer rose 12.31% in after-hours trading Wednesday, reaching $8.67.
Navitas announced on Monday that it will participate in the UBS Global Technology and AI Conference on Dec. 3, with Chief Executive Officer Chris Allexandre and Chief Financial Officer Todd Glickman.
Registration Statement Filing
Navitas registered the resale of 14.81 million shares issued in a private placement on Monday by filing a Form S-1 registration statement with the Securities and Exchange Commission.
The registration agreement required filing within five business days of the purchase agreement, meeting the Nov. 17 deadline.
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Private Placement Background
The company announced a definitive securities purchase agreement with accredited investors in early November, with shares priced at $6.75 each.
According to the company’s Form S-1, the private placement closed on Nov. 11 and generated gross proceeds of about $100 million before estimated offering expenses.
Capital Deployment Strategy
Chris Allexandre said the capital raise “enables us to support Navitas’ transformation and accelerate our momentum into higher-power markets,” focusing on AI data centers, performance computing, energy and grid infrastructure, and industrial electrification.
Needham & Company served as sole placement agent.
Stock Performance
The California-based company's short interest fell 20.4% to 40.09 million shares, representing 23.26% of its float.
Over the past year, the stock has soared 321.86%, with year-to-date gains of 121.20% and a six-month rise of 286%, though it has fallen 54.85% in the past month.
The stock has traded in a 52-week range of $1.52 to $17.79, with a market capitalization of $1.77 billion.
Price Action: NVTS closed Wednesday's regular session at $7.72, down 0.77%, according to Benzinga Pro data.
With a strong Momentum in the 98th percentile, Benzinga’s Edge Stock Rankings indicate that NVTS is experiencing long-term upward movement along with medium and short-term consolidation. Know how its momentum lines up with other well-known names.
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