Enovix Corp Enters Into Underwriting Agreement with Cantor Fitzgerald for Public Offering

Enovix Corporation (NASDAQ:ENVX) disclosed on October 30, 2024, that it had entered into an underwriting agreement with Cantor Fitzgerald & Co. pertaining to a public offering. The offering involves issuing and selling 10,416,667 shares of the company’s common stock, valued at $9.22 per share. Additionally, Enovix granted the underwriter an option exercisable for 30 days from the agreement date to purchase up to an additional 1,562,500 shares of common stock.

The gross proceeds from this offering are anticipated to be approximately $100 million before deducting underwriting discounts, commissions, and estimated expenses related to the offering. The completion of the offering is expected to take place on November 1, 2024, subject to customary closing conditions.

The underwriting agreement includes customary conditions, representations, warranties, agreements, and termination provisions. The offering will be conducted based on the company’s effective registration statement on Form S-3, and a related prospectus and prospectus supplement filed with the Securities and Exchange Commission.

It’s important to note that the above summary of the Underwriting Agreement is not exhaustive and is subject to the full terms as detailed in the agreement itself, filed as Exhibit 1.1 to the Form 8-K report. Accompanying this, the legal opinion of Arnold & Porter Kaye Scholer LLP concerning the shares being offered has been included as Exhibit 5.1.

Furthermore, Enovix attached a copy of the press release that disclosed the pricing of the offering to this Form 8-K filing as Exhibit 99.1. The company indicated that the offering is intended for general corporate purposes, working capital, and capital expenses to facilitate high-volume manufacturing at its production facility called “Fab2” in Penang, Malaysia.

Enovix emphasized that this offering is being made pursuant to a shelf registration statement on Form S-3. The company intends to utilize the net proceeds from the offering in conjunction with its existing resources. It also intends to achieve high-volume manufacturing at its Malaysia facility.

The company’s press release also included forward-looking statements regarding this offering, cautioning that actual results may vary due to risks and uncertainties related to market conditions and the completion of the offering as anticipated.

For further details and inquiries related to this offering, interested parties can refer to the filed Form 8-K and its corresponding exhibits or contact Cantor Fitzgerald & Co., which is acting as the sole book-running manager for the offering.

Investors and media personnel seeking more information can reach out to Enovix Corporation, specifically to Robert Lahey, via email at [email protected].

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Enovix’s 8K filing here.

Enovix Company Profile

Enovix Corporation designs, develops, and manufactures lithium-ion batteries. It serves wearables and IoT, smartphone, laptops and tablets, industrial and medical, and electric vehicles industries. The company was founded in 2007 and is headquartered in Fremont, California.