Navitas Semiconductor Corp (NVTS) plummeted 9.66% intraday on Tuesday, reflecting significant selling pressure on the stock.

The sharp decline follows the company's weak first-quarter earnings report, which showed an EPS loss widening by 66.7% year-over-year to $0.15, alongside a gross margin decline of 0.3 percentage points to 37.6%. Further pressure stemmed from investor concerns over equity dilution after the company announced a proposed offering of up to $125 million in Class A common shares through a new sales agreement.

The downturn was amplified by broader weakness in the semiconductor sector, with several major peers also trading lower during the session.