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Enovix | Benzinga
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Enovix to Make IPO Through Merger with Rodgers Silicon Valley SPAC
Enovix Corporation, a designer and manufacturer of next generation 3D Silicon Lithium-ion batteries, and
Rodgers Silicon Valley Acquisition Corp., a special purpose acquisition company, have entered into a merger agreement that will result in Enovix becoming a publicly listed company. Upon closing of the transaction, the company will be named Enovix Corporation and is expected to be listed on the
Nasdaq Stock Market under the new ticker symbol, “
ENVX.”
Harrold Rust, co-founder and CEO of Enovix, commented, “In 2007, the co-founders of Enovix set out to build a better battery by changing the cell architecture. Today, we stand at the threshold of producing the first advanced silicon-anode lithium-ion battery for mass-market applications from our U.S. manufacturing facility. Credit goes to the engineers and scientists of Enovix who designed and developed our advanced battery and our high-volume production
Share:
Enovix is going public with a SPAC deal announced Monday morning.
The SPAC Deal: Enovix, a leader in the designing and manufacturing of 3D silicon lithium-ion batteries, is going public with
Rodgers Silicon Valley Acquisition Corp. (NASDAQ: RSVA).
The deal values Enovix at a $1.13 billion enterprise value. Enovix will get $385 million in net proceeds from the deal.
An oversubscribed $175 million PIPE was done valuing shares at $14. This is the first time that a PIPE on the SPAC deal has been done at a price above the $10 offering price.
The deal is expected to close in the second quarter of 2021. Shares are expected to trade under ENVX on the Nasdaq once the deal is complete.
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