Corporate ActionMay 22, 2026, 04:22 PM
Navitas Settles Earnout Dispute, Transfers 726,225 Shares to Live Oak Sponsor
AI Summary
Navitas Semiconductor Corp. entered into a Settlement, Release and Amendment Agreement with Live Oak Sponsor Partners II, LLC on May 18, 2026, to resolve disputes regarding earnout shares from a 2021 business combination. Under the agreement, Navitas will transfer 726,225 Sponsor Earnout Shares to Live Oak Sponsor, making them no longer subject to vesting or forfeiture. This is in addition to 421,000 previously earned shares. Live Oak Sponsor forfeited 115,775 Sponsor Earnout Shares. Both parties agreed to a general release of claims and confidentiality provisions.
Key Highlights
- Navitas and Live Oak Sponsor entered a Settlement Agreement on May 18, 2026.
- Agreement resolves disputes over earnout shares from a May 6, 2021 Business Combination Agreement.
- Navitas to transfer 726,225 Sponsor Earnout Shares to Live Oak Sponsor.
- These 726,225 shares are no longer subject to vesting, forfeiture, or transfer prohibitions.
- This is in addition to 421,000 Sponsor Earnout Shares previously earned by Live Oak Sponsor.
- Live Oak Sponsor forfeited 115,775 Sponsor Earnout Shares.
- Parties agreed to a general release of claims, confidentiality, and non-disparagement.
- Live Oak Sponsor will indemnify Navitas against claims from its equityholders.
Price Impact
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