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Nano Micro to merge with Live Oak II, estimated at $1.4 billion

It was reported on May 14, 2021 that Nano Micro semiconductor (the “Company” or “Nano Micro”) recently announced that it has entered into a definitive agreement to enter into a definitive agreement with Live Oak Acquisition Corp. II (“Live Oak II”) merged. Live Oak II is a publicly traded special purpose acquisition company. The combined entity has an estimated value of $1.4 billion. The transaction will make Navitas a company listed on a national stock exchange in the United States under a new ticker symbol.

Gallium Nitride (GaN) is a new generation of semiconductor technology that operates 20 times faster than older silicon (Si) chips and can achieve 3 times the power and speed of charging at half the size and weight. Nano Micro GaNFast power chip integrates gallium nitride devices, and has driving, protection and control functions, easy to use, small size, faster charging, and stronger energy saving effect.

Nanowei predicts that the market for gallium nitride chips could grow to more than $13 billion in 2026, driven by the growing Internet, the replacement of fossil fuels with electricity, and the growing demand for efficient and sustainable energy. Markets include mobile, consumer, enterprise (data center, 5G), renewable energy (solar, energy storage) and electric vehicles/electric vehicles.

Navitas has a mature leadership team with rich industry experience, more than 300 years of combined seniority experience in the power semiconductor industry, and an extraordinary record of value creation. Under the leadership of this team, Nano Micro has successfully achieved volume production and continued to increase shipments to major OEM and aftermarket suppliers of Dell, Lenovo, LG, Xiaomi, OPPO, Amazon, Belkin and dozens of other companies. Navitas has delivered more than 18 million GaNFast power chips and has not received any failure reports.

With a proprietary process design kit (PDK) and more than 120 issued or pending patents, Nanowei has a first-mover advantage in the gallium nitride market. A robust roadmap and continued cost reductions for next-generation gallium nitride has accelerated the transition from CO2-emitting fossil fuels to “Electrify Our World.” Nanomicro estimates that by 2050, gallium nitride could reduce carbon dioxide emissions by as much as 2.6 billion tons per year.

Gene Sheridan, co-founder and CEO of Nanowei, commented: “Navi was founded to revolutionize the world of power electronics while addressing the grand challenges of sustainable development facing the planet. Nanowei’s team is world-class and not only invents revolutions innovative new technologies, patented, and overcoming all the key hurdles to successfully bringing these technologies to market. We are ready to enter the capital markets with strong operational momentum and have investment partners who are passionate about our long-term mission. And very proud.”

“We’re excited to partner with NanoMicro,” said Rick Hendrix, CEO of Live Oak. “This is one of the most compelling opportunities we’ve seen in the semiconductor industry. With more efficient power delivery, NanoMicro’s solutions We are excited that the solution can make a significant contribution to reducing carbon emissions. The funds raised in this transaction will enable Nano Micro to accelerate this vision, from the mobile and consumer markets to the more power-hungry application markets such as data centers, solar and electric vehicles, and as part of the Nano-Micro Net Zero initiative to significantly reduce CO2 emissions.”

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