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Enovix Corporation (the "Company" or "Enovix") (NASDAQ:ENVX, ENVXW))), a leader in advanced silicon battery technology, today announced its intent to offer $300 million aggregate principal amount of Convertible Senior Notes due 2030 (the "Notes") in a private placement (the "Offering") to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"). Enovix also intends to grant the initial purchasers of the Notes an option to purchase up to an additional $60 million aggregate principal amount of Notes for settlement within a 13-day period beginning on, and including, the date on which the Notes are first issued. The Offering is subject to market and other conditions, and there can be no assurance as to whether or when the Offering may be completed, or as to the actual size or terms of the Offering.
The Notes will be general unsecured obligations of Enovix and will accrue interest payable semiannually in arrears. The Notes will be convertible at the option of holders only upon the occurrence of certain events and during certain periods into cash, shares of Enovix common stock or a combination of cash and shares of Enovix common stock, at Enovix's election. The interest rate, initial conversion rate and other terms of the Notes will be determined at the time of pricing of the Offering.
The Company expects to use a portion of the net proceeds from the Offering to pay the cost of the capped call transactions described below.
Posted In: ENVX
