Battery maker Enovix slides on convertible debt offering plans
17/04/2023 21:53
** Enovix Corp's ENVX.O shares down ~7% post-market as co
looks to raise capital
** Lithium-ion battery maker announces private offering of
$150 mln 5-yr convertible bonds (CBs)
** Entities affiliated with chairman Thurman Rodgers
indicated interest to buy up to $5 mln of additional CBs in
separate private placement
** Co plans to use portion of overall net proceeds to pay
cost of capped call transactions, remainder to build out second
battery cell manufacturing facility, fund acquisition of
production lines of its Gen2 manufacturing equipment
** Shares on Mon closed down 0.8% at $13.57 for roughly $2
bln market cap, per Refinitiv data
** YTD, stock up 9% amid 21% rise over past 12 months
(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))