Transphorm Enters Into Agreements to Raise $9.3 Million From the Exercise of Existing Warrants and a Private Placement of Common Stock
Summary
3, 2023-- (NASDAQ: TGAN) (Transphorm or the Company), a pioneer in and global supplier of high-reliability, high-performance gallium nitride (GaN) power conversion products, announced today it has entered into agreements with certain holders of the Companys outstanding warrants to raise in gross proceeds from the exercise of such warrants.In addition, the Company announced today it has entered into securities purchase agreements to raise in gross proceeds from a private placement of 500,000 shares of the Companys common stock at a price of per share.Pursuant to the agreements with certain holders of the Companys outstanding warrants, the warrant holders agreed to exercise, for cash, existing warrants to purchase, in the aggregate, 1,815,848 shares of the Companys common stock, in exchange for the Companys agreement to lower the exercise price of the existing warrants to per share and issue new warrants to purchase, in the aggregate, up to 2,269,810 shares of the Companys common stock. The warrants have an exercise price of per share and are exercisable until .Pursuant to the securities purchase agreements, the Company also agreed to issue warrants to purchase an aggregate of 250,001 shares of the Companys common stock. As part of the transactions, has agreed to file, within 30 days, a registration statement with the to register the resale of the shares of common stock issued pursuant to the securities purchase agreements and the shares of common stock underlying the warrants.This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction., a global leader in the GaN revolution, designs and manufactures high performance and high reliability GaN semiconductors for high voltage power conversion applications. is headquartered in and has manufacturing operations in and Aizu, .This press release contains forward-looking statements (including within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the United States Securities Act of 1933, as amended). These forward-looking statements are neither promises nor guarantees and are subject to a variety of risks and uncertainties, including but not limited to: the satisfaction of customary closing conditions; prevailing market conditions; and other risks.