Enovix Prices Convertible Senior Notes Due 2028 In Private Placement - Quick Facts

(RTTNews) - Enovix Corp. (ENVX) announced the pricing of $150.0 million aggregate principal amount of 3.00% Convertible Senior Notes due 2028 in a private placement. Also, Enovix granted the initial purchasers of the Notes an option to purchase, within a 13-day period beginning on, and including, the date on which the Notes are first issued, up to an additional $22.5 million aggregate principal amount of Notes.

Enovix estimates that the net proceeds from the offering will be approximately $133.9 million to Enovix. If consummated, Enovix expects that it will receive net proceeds from the sale of the Affiliate Notes of approximately $9.7 million.

Raj Talluri, CEO of Enovix, said: "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."