Navitas acquires GeneSiC for ~$100M+stock; Q2 revenue up 58% to $8.6M

Navitas Semiconductor Corp

Acquired GeneSiC for ~$100M cash + 24.9M shares + up to $25M earn-out; GeneSiC has >25% EBITDA margins, ~$25M 2022 revenue.
Q2 2022 revenue $8.6M (+58% YoY); GAAP operating loss $20.0M; non-GAAP loss $0.07 per share.
Q3 guidance: revenue $9-11M, gross margin ~40%, non-GAAP opex ~$14M (excluding stock-comp & amort).
Dr. Ranbir Singh appointed EVP of GeneSiC; base salary $350K and LTIP options for 3.25M shares at $10 strike.
Acquisition expected to be immediately accretive to EPS; positions Navitas as only pure-play GaN+SiC power semi company.

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Executive movements

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Appointed

Dr. Ranbir Singh

Executive Vice President for the GeneSiC business

NVTS · Navitas Semiconductor Corp

Effective: 2022-08-15
Filed: August 15, 2022, 7:59 PM ET

On August 15, 2022, in connection with its acquisition of GeneSiC Semiconductor Inc. (“GeneSiC”), described in Item 1.01 of this Form 8-K, Navitas Semiconductor Corporation (“Navitas”) appointed Dr. Ranbir Singh as Executive Vice President for the GeneSiC business, reporting to President and CEO Gene Sheridan.

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

Dr. Ranbir Singh was appointed as Executive Vice President for the GeneSiC business at Navitas Semiconductor Corp.

Action: appointed
Role: Executive Vice President for the GeneSiC business

Exact text from the filing

On August 15, 2022, in connection with its acquisition of GeneSiC Semiconductor Inc. (“GeneSiC”), described in Item 1.01 of this Form 8-K, Navitas Semiconductor Corporation (“Navitas”) appointed Dr. Ranbir Singh as Executive Vice President for the GeneSiC business, reporting to President and CEO Gene Sheridan.

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Source: SEC EDGAR

accession 0001628280-22-022882

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