Navitas Semiconductor Corp's stock plummeted 6.33% during intraday trading on Tuesday, marking a significant decline for the semiconductor company.

The sharp drop was primarily driven by the company's filing of a mixed shelf registration statement with the SEC and a $500 million at-the-market offering agreement with UBS Securities, Morgan Stanley, and Needham & Company for Class A common stock, which significantly increased dilution pressure on existing shareholders.

Additionally, the decline was exacerbated by continued profit-taking following a previous rally, weak quarterly earnings showing expanded per-share losses and declining gross margins, and director share sales that further weighed on investor sentiment.