Navitas shares drop 13% after $125M stock sale plan
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Navitas plans to raise $125 million through an equity offering, leading to a 13% drop in shares due to dilution concerns. This decline follows a previous 25% surge driven by strong Q1 results and AI data center demand, alongside a partnership in India for GaN chips. The company is transitioning from mobile charging chips to gallium nitride and silicon carbide solutions targeting AI, grid, and industrial markets.
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