Enovix slides on $100 mln stock offering
31/10/2024 13:09
** Shares of battery maker Enovix ENVX.O down 10% before the
bell to $9.44 after overnight follow-on priced
** ENVX on course to fall for third straight session
** Silicon Valley-based firm late Weds sold ~10.4 mln shares for
$100 mln gross proceeds
** Offering priced at $9.60, 8.4% discount to last sale
** Co plans to use net offering proceeds to fund working
capital and capex for its Fab2 manufacturing facility in Penang,
Malaysia
** It has ~177.6 mln shares outstanding for $1.9 bln market
cap and ~150 mln shares of public float, per LSEG
** Cantor Fitzgerald sole bookrunner for offering
** Through Weds close, stock down ~16% YTD
(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))