- Enovix Corp (NASDAQ:ENVX) has priced its $150.0 million of 3.00% Convertible Senior Notes due 2028 in a private placement.
- An entity affiliated with Thurman J. Rodgers, Chairman of Enovix, has agreed to purchase $10.0 million of the notes in the concurrent private placement.
- In addition, an entity affiliated with John Doerr, Chairman of Kleiner Perkins, has agreed to purchase $10.0 million of the notes in the offering.
- “We believe the proceeds from these notes, together with the previously announced $70 million non-dilutive 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,” said CEO Raj Talluri.
- “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.”
- The offering and sale of affiliate notes are expected to close on April 20, 2023.
- Enovix also granted the initial purchasers an option to purchase up to an additional $22.5 million of notes.
- Price Action: ENVX shares are trading lower by 0.52% at $13.50 in premarket on the last check Tuesday.
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