Press release

Transphorm Inc. Raises $21 Million and Completes Reverse Merger

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Transphorm, Inc. (the “Company”) a pioneer in the development and manufacturing of high reliability-high performance gallium nitride (GaN) semiconductors for power conversion, announced today it raised $21.5 million in a private placement equity financing. Prior to the financing, Transphorm Technology, Inc. (“Transphorm”) completed a reverse merger with Peninsula Acquisition Corporation (“Peninsula”), a public Delaware corporation, whereby Transphorm became a wholly owned subsidiary of Peninsula. Following the merger, Peninsula changed its name to Transphorm, Inc., and will continue the historical business of Transphorm. Previous members of Transphorm’s Board of Directors, David Kerko, Eiji Yatagawa, Brittany Bagley, Mario Rivas and Dr. Umesh Mishra will remain as directors of the Company.

With its leading technology position, Transphorm has developed, and is in the market with, multiple families of products that are the building blocks for an array of power converter and inverter systems. Transphorm’s GaN products switch much faster than traditional silicon-based solutions and provide higher efficiency with increased system power density while enabling system size reduction. Transphorm has a proven track record of high quality, high reliability (Q+R™) solutions as well as a series-of-firsts including the first JEDEC and Automotive (AEC-Q101) qualification of high voltage GaN devices. Its robust GaN platform makes GaN products easy to use and integrate in systems with standard drive electronics.

Given the clear advantages of GaN, Transphorm has begun to see meaningful customer adoption in power adapters/fast chargers, power supplies for data-centers, communication infrastructure and broad industrial applications. In addition, Transphorm continues to see heightened interest from automotive EV suppliers for chargers, converters and inverters. This is in-line with the ongoing overall adoption of GaN solutions in power conversion applications which, per the Company’s analysis, amounts to an accessible Total Available Market for GaN (GaN TAM) of approximately $3.1 billion in 2024. Factoring in GaN market adoption rates, market research firm Yole Développement (“Yole”) predicts robust growth and that GaN power device revenues may approach $400 million by 2023.1

“We are thrilled to announce this new equity financing which will support and accelerate our product development, manufacturing, and sales for our GaN power solutions,” said Mario Rivas, CEO. Mr. Rivas continued, “We believe the success of this financing demonstrates confidence and support in Transphorm’s team, technology and products by both our current partners as well as our new investors.”

“Our core capabilities in GaN epitaxy, design, process and circuit applications have positioned us well to innovate and address the power conversion systems needs of our customers,” said Dr. Primit Parikh, Co-founder and COO. “We have created an integrated device model and developed highly reliable, high performance GaN device technology, as well as amassed one of the largest intellectual property portfolios in the GaN power industry,” Dr. Parikh added.

According to external patent reports from KnowMade, a specialist in the research and development of scientific and patent information, “Transphorm today has the dream patent portfolio for all those who want to benefit from strategic advantages in the GaN power electronics market.” 2

The financing was led by existing investors including an affiliate of Kohlberg Kravis Roberts & Co. L.P. (“KKR”), a new strategic investor, Marelli, and new prominent institutional investors. B. Riley FBR, Inc. (member FINRA/SIPC) was the lead placement agent and Craig-Hallum Capital Group LLC was the co-placement agent. Montrose Capital Partners was the sponsor for this transaction.

The securities issued in the merger and sold in the private placement have not been registered under the Securities Act of 1933 and may not be resold absent registration under, or exemption from registration under, such Act.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

About Transphorm, Inc.

Transphorm, Inc. (www.transphormusa.com), a global leader in the GaN revolution, designs and manufactures the highest performance, highest reliability high voltage GaN semiconductors for high-voltage power conversion applications. Holding one of the largest Power GaN IP portfolio, Transphorm produces the industry’s first JEDEC and AEC-Q101 qualified GaN FETs. Its vertically integrated device business model allows for innovation at every development stage: design, fabrication, device, and application support.

Forward-Looking Statements

All statements in this press release that are not historical are forward-looking statements, including, among other things, statements relating to the Company’s expectations regarding its market position and market opportunity, expectations and plans as to its product development, manufacturing and sales, and relations with its partners and investors. These statements are not historical facts but rather are based on the Company’s current expectations, estimates, and projections regarding its business, operations and other similar or related factors. Words such as “may,” “will,” “could,” “would,” “should,” “anticipate,” “predict,” “potential,” “continue,” “expect,” “intend,” “plan,” “project,” “believe,” “estimate,” and other similar or related expressions are used to identify these forward-looking statements, although not all forward-looking statements contain these words. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties, and assumptions that are difficult or impossible to predict and, in some cases, beyond the Company’s control. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described in the Company’s filings with the Securities and Exchange Commission. The Company undertakes no obligation to revise or update information in this release to reflect events or circumstances in the future, even if new information becomes available.

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1

Semiconductor Today, “GaN Power Market Growing at CAGR of 55% to 2023, Driven by Power Supply Segment, or 93% if Adopted for Wireless Charging in Consumer Electronics,” Volume 13, Issue 10, January 2019

2

KnowMade Patent and Technology Intelligence report, “Power GaN intellectual property (IP): high-voltage power semiconductor leaders, a core set of strong IP players and numerous newcomers.”