Enovix falls after $300 mln convertible bonds sale unveil

Enovix

10/09/2025 21:59

** Shares of battery maker Enovix ENVX.O down 13.5% at $7.91 in extended trading as it plans to raise capital

** Silicon Valley-based firm announces private offering of $300 mln convertible bonds due 2030

** Co plans to use net offering proceeds for general purposes, including to fund potential acquisitions

** It also expects to use some proceeds to pay cost of capped calls, derivative transactions employed to mitigate dilution

** Co has about $1.8 bln market cap

** ENVX shares on Weds closed up 0.9% at $9.15, trimming YTD loss to ~16%

** Of 12 analysts covering the stock, 9 rate it "strong buy" or "buy" and 3 rate "hold" and median PT is $23.50, LSEG data shows

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))