Why Navitas Semiconductor Skyrocketed Yet Again Today
It's all about a deal with Nvidia.
Shares of Navitas Semiconductor (NASDAQ: NVTS) skyrocketed as much as 70.7% on Tuesday, before settling down to a 40.9% gain as of 1:22 p.m. ET.
The massive gain comes on the heels of last Wednesday's near-200% gain after hours, after the company announced a potentially game-changing deal with Nvidia (NASDAQ: NVDA).
Today, Navitas announced it would be following up that bit of good news with an equity sale, which aims to raise $50 million at much higher prices. While an equity raise would normally send a stock down, the stock is actually increasing again today.
