Navitas resolved SPAC-era earnout disputes by issuing 3.28 million Class A shares and allocating 726,000 to Live Oak Sponsor while forfeiting 116,000 and dropping claims under the 2021 merger terms. Shares jumped 6% overnight, extending last week’s 37% rally and lifting YTD gains to 310%.
On May 18, Navitas agreed with its SPAC sponsor Live Oak to resolve disputes over performance-based earnout shares from their 2021 merger. The agreement grants 726,000 shares to Live Oak Sponsor, forfeits 116,000 unvested shares, and drops all legal claims from both parties.
Following the settlement, Navitas issued 3.28 million Class A common shares to former shareholders and specified parties after meeting stock-price milestones under the merger terms. The distribution finalizes allocation of earnout shares and clears outstanding SPAC-related obligations.
Navitas shares rose 6% in pre-market trading and extended a 37% gain from last week, pushing year-to-date returns to 310%. Investors highlight the company’s GaN and SiC power semiconductors as key to AI infrastructure, electric vehicles, and renewable energy markets.
