Navitas (NVTS) Soars 22% on $100-Million Fundraising Program

We recently published 10 Stocks Beating the Market with Eye-Popping Gains. Navitas Semiconductor Corp. (NASDAQ:NVTS) is one of the best-performing stocks on Monday.

Navitas snapped a five-day losing streak on Monday, soaring 22.45 percent to close at $9.60 apiece, after successfully raising $100 million in fresh funds to finance its expansion program.

In an updated report, Navitas Semiconductor Corp. (NASDAQ:NVTS) said it sold more than 14.8 million new common shares under a private placement at a price of $6.75 apiece.

“This capital raise enables us to support Navitas’ transformation and accelerate our momentum into higher-power markets,” said Navitas Semiconductor Corp. (NASDAQ:NVTS) President and CEO Chris Allexandre.

“We’re fueling and energizing the shift to Navitas 2.0, focusing our energy on the high-power markets that are shaping the future: AI data centers, performance computing, energy and grid infrastructure, and industrial electrification,” he added.

The share sale followed the results of the company’s earnings performance in the third quarter of the year.

During the period, Navitas Semiconductor Corp. (NASDAQ:NVTS) incurred a 2.7 percent higher net loss of $19.2 million, versus the $18.7 million year-on-year.

Revenues also dropped by 53.4 percent to $10.1 million from $21.68 million in the same comparable period.

For the fourth quarter of the year, Navitas Semiconductor Corp. (NASDAQ:NVTS) expects revenues to be at $7 million, plus or minus $250,000, due to a strategic decision to deprioritize low power, lower profit from China mobile and consumer business, as well as streamline distribution network and reduce channel inventory to pivot to higher power revenue and customers.

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Disclosure: None. This article is originally published at Insider Monkey.