Enovix up after battery maker prices $150 mln convertible debt deal
18/04/2023 12:32
** Enovix Corp's ENVX.O shares up 1% at $13.71 premarket
after co prices overnight offering
** Lithium-ion battery maker announces $150 mln 3% 5-yr
convertible bonds (CBs); initial conversion price of $15.61
represents 15% premium to stock's Mon close
** Entity affiliated with chairman Thurman Rodgers to buy
$10 mln of additional CBs in concurrent private placement, and
entity affiliated with John Doerr, chairman of VC firm Kleiner
Perkins, agrees to purchase $10 mln of CBs in the offering
** Co to use overall net proceeds to fund new factory in
Malaysia and build its Gen2 battery
** ENVX has ~$2.1 bln market cap through Mon, per Refinitiv
data
** Shares up 9% amid 21% rise over past 12 months
** ENVX went public in Jul 2021 after SPAC merger with
Rodgers Silicon Valley Acquisition Corp
(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))