Enovix Corporation (NASDAQ: ENVX), an advanced silicon battery company, announced the pricing of $150 million aggregate principal amount of 3% Convertible Senior Notes. The notes ar due 2028 in a private placement to persons reasonably believed to be qualified institutional buyers according to regulations. Specifically, the announcement noted that an entity affiliated with Enovix chair Thurman J. Rodgers has agreed to purchase $10 million aggregate principal amount of the notes in the concurrent private placement; In addition, an entity affiliated with Kleiner Perkins chair John Doerr has agreed to purchase an additional $10 million aggregate principal amount of the notes in the offering. As part of the offering, the company granted the initial purchasers of the notes an option to purchase up to $22.5 million additional aggregate principal notes within a 13-day period. “We are thrilled with the sale of these notes,” said Enovix president and CEO Dr. Raj Talluri in the press release. “We believe the proceeds from these notes, together with the previously announced $70 million nondilutive financing we are seeking to fund our planned next-generation manufacturing line in Malaysia, will enable us to build four production lines, all at approximately 7% dilution to our stockholders. With these lines, we expect to be able to manufacture between 38 million to 75 million batteries a year, depending on the size of the battery, to meet the strong customer demand we are seeing in the IoT, Mobile and Computing markets.”
To view the full press release, visit https://ibn.fm/v8vo3
About Enovix Corporation
Enovix is on a mission to power the technologies of the future. Everything from IoT, mobile and computing devices to the vehicle you drive needs a better battery. The company’s disruptive architecture enables a battery with high energy density and capacity without compromising safety. Enovix is scaling its silicon-anode, lithium-ion battery manufacturing capabilities to meet customer demand. For more information, visit the company website at www.Enovix.com.
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