The UC Santa Barbara-founded semiconductor technology producer has gone public through a reverse merger with penny stock company Peninsula Acquisition and received $21.5m from investors including Marelli.

Transphorm, a US-based semiconductor technology spinout of University of California, Santa Barbara, completed a reverse merger with shell company Peninsula Acquisition on Tuesday, also raising $21.5m in a private placement co-led by automotive component supplier Marelli. The funding round was co-led by an unnamed affiliate of private equity firm KKR and undisclosed new and existing…

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