Navitas Semi Warns of Material Weakness in Internal Controls

Navitas Semiconductor said it expects to report “material weakness” in the company’s internal control over financial reporting of stock compensation arrangements and license pacts.

• Based on the control deficiencies noted, the company anticipates including in Form 10‑Q that material weaknesses in internal control over financial reporting have been identified at March 31
  • Relates to operation of accounting controls for stock compensation arrangements and license agreements
• Unable to file quarterly report on Form 10‑Q for the period ended March 31
  • Requires added time to complete financial reporting processes and related auditor review relating to evaluation
• No restatement of prior period financial ...