Navitas Semiconductor Corp

Evaluation of Disclosure Controls and Procedures

Our management, with the supervision and involvement of our Principal Executive Officer and Principal Financial Officer, has evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this report, pursuant to Exchange Act Rule 13a-15. Based upon this evaluation, our chief executive officer and chief financial officer have concluded that, as of March 31, 2024, as a result of the material weaknesses in our internal control over financial reporting discussed below, our disclosure controls and procedures were not effective.

A material weakness is a control deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Company's annual or interim financial statements will not be prevented or detected on a timely basis.

The following material weaknesses in the control environment based on the COSO Framework and control activities have been identified:

•The Company did not maintain a sufficient complement of personnel with appropriate levels of knowledge, experience, and training in accounting for complex and non-routine transactions, and internal control matters to perform assigned responsibilities and have appropriate accountability for the design and operation of internal control over financial reporting.

The control environment material weaknesses contributed to other material weaknesses within the Company’s system of internal control over financial reporting in the following COSO Framework components such that the Company did not design and implement effective controls as follows:

•Control activities and monitoring - The Company did not design and implement effective controls over the accounting for share-based payments, including the long-term incentive plan awards, as well as the accounting for the Company’s license and release agreement. Additionally, the Company did not have effective ongoing evaluation to ascertain whether the components of internal controls are present and functioning.

Management is in the process of evaluating resources throughout the organization where current resources should be assigned and where additional resources are needed to consistently timely execute internal control activities. For complex transactions, management plans to utilize external professional firms to assist with such transactions as they may arise.

Management has concluded that, notwithstanding the material weaknesses described above, the Company’s condensed consolidated financial statements included in this quarterly report on Form 10-Q fairly present, in all material respects, our financial position, results of operations and cash flows as of the date, and for the periods presented, in conformity with U.S. GAAP.

Changes in Internal Control Over Financial Reporting

Other than the material weakness described above, there have been no significant changes in our internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) that occurred during our most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.