Item 2. Unregistered Sales of Equity Securities
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
On June 10, 2022, in connection with the acquisition of VDDTECH srl, a private Belgian company (“VDDTech”), by Navitas Semiconductor Limited, our wholly owned subsidiary, we issued 414,207 shares of our common stock to the former shareholders of VDDTech. Consideration for all of the capital stock of VDDTech consisted of 150,616 shares and approximately $791,000 in cash. The shares were issued in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended, or Rule 506 thereunder.
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