Raised more than 45 million US dollars in equity investment this quarter, strengthening the financial position
GOLETA, California--(BUSINESS WIRE)--Transphorm, Inc. (OTCQX: TGAN), a pioneer and global supplier of high-reliability, high-performance gallium nitride (GaN) power conversion products, announced today Closing a non-through private placement of 1,673,152 ordinary shares of Transphorm to MCM Investment Partners (a subsidiary investment arm of MCM Partners (MCM) and Boardman Bay Capital Management, a US institutional investor) at a price of US$7.71 per share, acting as an agent for equity financing of 12.9 million Dollar. In terms of financing, Transphorm issued warrants to purchase a total of 348,649 ordinary shares at an exercise price of $9.25 per share. As a result of this financing, Transphorm has completed $45.9 million in equity financing in the past two months. Transphorm continues to implement its previously announced plan to list common shares of companies listed on the Nasdaq.
Adrian Valenzula, CEO of MCM Partners, commented: “MCM and our limited partners are pleased to make equity investments in Transphorm. The GaN power supply market is growing rapidly, and Transphorm relies on its proprietary core GaN design and Manufacturing technology is capable of dealing with this multi-billion dollar market. The MCM team is also pleased to work with Transphorm to help drive faster growth."
Will Graves, Chief Investment Officer of Boardman Bay Capital, said: "We are very pleased to increase the scale of investment and ownership in Transphorm. The company continues to outstandingly develop its patented high-voltage GaN technology and accelerate its revenue growth. Institutional investors’ awareness of GaN and Transphorm has increased and the company’s prospects remain very optimistic."
TGAN technology empowers the market
Transphorm's patented GaN platform differs from competing solutions in aspects that are critical to the performance requirements of power conversion applications-from 45 W fast chargers/power adapters, 1.5 to 4 kW games, data center servers, encrypted mining, and industrial power supplies. Renewable/energy to higher electric vehicle converter and inverter applications. Transphorm is one of the few vertically integrated high-voltage GaN manufacturers to control its GaN FET design through innovation, epitaxial wafers (starting materials) and manufacturing processes. This has been successful in the following areas:
Securities sold in private placements are not registered under the revised Securities Act of 1933 (the "Securities Act") or securities laws of any state or other jurisdiction, and cannot be resold without registration or exemption registration, Securities Act. Transphorm has agreed to submit a registration statement to the US Securities and Exchange Commission within 30 days of the end of the private placement, registering the resale of common shares issued and sold in the private placement.
This press release does not constitute an offer to sell these securities or an invitation to buy these securities, nor may they be sold in any jurisdiction where such offer, invitation or sale is illegal under any such jurisdiction prior to registration or qualification. District securities laws.
Transphorm, Inc. is a global leader in the GaN revolution, designing and manufacturing high-performance and high-reliability GaN semiconductors for high-voltage power conversion applications. Transphorm has one of the largest power GaN IP product portfolios, with more than 1,000 owned or licensed patents, and can produce the industry's first high-voltage GaN semiconductor devices that comply with JEDEC and AEC-Q101 standards. Transphorm's vertically integrated equipment business model allows innovation at every stage of development: design, manufacturing, equipment and application support. Transphorm's innovation enables power electronic equipment to go beyond the limits of silicon, achieving an efficiency of more than 99%, a power density of more than 40%, and a system cost reduction of 20%. Transphorm is headquartered in Goleta, California, and has manufacturing operations in Goleta and Aizu, Japan. For more information, please visit www.transphormusa.com. Follow us on Twitter @transphormusa and WeChat @Transphorm_GaN.
This press release contains forward-looking statements regarding the company’s market position (including the meaning of Section 21E of the US Securities Exchange Act of 1934 as amended and Section 27A of the US Securities Act of 1933 as amended), expectations of future expected growth, and NASDAQ listing plan. Forward-looking statements usually include statements that are predictive in nature and depend on or involve future events or conditions, and include words such as "may", "will", "should", "will", "expect", "plan", etc. , "Believe", "plan", "expect" and other similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions, which are subject to risks and uncertainties and cannot guarantee future performance. Due to various factors, actual results may differ materially from the results contained in any forward-looking statements, including but not limited to: risks related to Transphorm’s operations, such as additional financing requirements and access to capital; competition; Transphorm’s protection of its intellectual property rights Ability; and other risks specified in the company's filings with the US Securities and Exchange Commission. Except as required by applicable laws, the company assumes no obligation to modify or update any forward-looking statements or make any other forward-looking statements due to new information, future events or other reasons.
Investor Contact: Shelton Group Brett Perry | Leanne Sievers 1-214-272-0070 | 1-949-224-3874 sheltonir@sheltongroup.com
Corporate Contact: Cameron McAulay Chief Financial Officer 1-805-456-1300 ext. 140 cm
Investor Contact: Shelton Group Brett Perry | Leanne Sievers 1-214-272-0070 | 1-949-224-3874 sheltonir@sheltongroup.com
Corporate Contact: Cameron McAulay Chief Financial Officer 1-805-456-1300 ext. 140 cm