- 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.
South Korea Takes Stand Against North Korean Cryptocurrency Threats
The South Korean government has issued sanctions against four North Korean individuals and seven institutions, accusing them of financing "nuclear and missile development" through illegal cyber activities, including cryptocurrency theft.
