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Navitas Semiconductor Corp (NASDAQ:NVTS), a $362 million market cap semiconductor company with a strong balance sheet showing more cash than debt, has amended its bylaws to establish a deadline for stockholder nominations of director candidates for the upcoming 2025 annual meeting. The Torrance, California-based company, specializing in semiconductors and related devices, announced on Monday that its board of directors approved changes to the Amended and Restated Bylaws.
According to the updated bylaws, stockholders intending to nominate directors must submit written notice by the close of business on May 1, 2025. The notice must comply with the bylaws and be addressed to the corporate secretary at the company's principal executive offices.
The amendment to the bylaws, specifically Section 3.2, was filed as part of the company's recent 8-K report to the Securities and Exchange Commission. This change in procedure aims to streamline the nomination process for the election at Navitas Semiconductor's annual stockholders' meeting.
The semiconductor company, formerly known as Live Oak Acquisition Corp II, has its shares listed on The Nasdaq Stock Market under the ticker symbol NVTS. The company's fiscal year-end remains on December 31.
This corporate governance update is part of Navitas Semiconductor's ongoing efforts to manage its internal processes and comply with regulatory requirements. The information provided in this article is based on the company's latest SEC filing.
In other recent news, Navitas Semiconductor has announced several key developments. The company reported a strategic partnership with GigaDevice to enhance power management solutions for AI data centers, electric vehicles, and solar energy systems. This collaboration aims to integrate Navitas' gallium nitride power ICs with GigaDevice's microcontrollers, potentially advancing the adoption of high-efficiency power solutions. Additionally, Navitas has appointed KPMG LLP as its new independent auditor, replacing Moss Adams LLP, as part of efforts to address material weaknesses in internal controls.
In financial updates, Morgan Stanley (NYSE:MS) downgraded Navitas Semiconductor's stock from Equalweight to Underweight, reducing the price target to $1.50 due to revised revenue forecasts for 2025 and 2026. Conversely, Baird analysts maintained an Outperform rating while lowering the price target to $4.00, citing significant growth in the company's customer pipeline and a positive outlook for future performance. Navitas Semiconductor also revised its bylaws to shorten the notice period for stockholder director nominations at annual meetings, streamlining the governance process. These developments reflect ongoing efforts by Navitas to strengthen its market position and address financial and operational challenges.
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