Navitas Semiconductor entered into a settlement agreement with Live Oak Sponsor Partners II, LLC on May 18, 2026, to resolve disputes concerning contingent "Earnout Shares" from the company's 2021 business combination. The agreement finalizes the allocation of these performance-based shares and resolves all related claims.
Key Details
- Agreement & Resolution: The settlement resolves all claims related to the Sponsor Letter Agreement from May 6, 2021, with both parties agreeing to a general release of claims, confidentiality, and non-disparagement provisions.
- Share Transfer: Navitas will transfer 726,225 Sponsor Earnout Shares to Live Oak Sponsor, which are now fully vested and free of transfer restrictions. This is in addition to 421,000 shares previously earned.
- Share Forfeiture: As part of the agreement, Live Oak Sponsor has forfeited its rights to 115,775 Sponsor Earnout Shares.