Enovix Announces Pricing of $300.0 Million Offering of 4.75% Convertible Senior Notes Due 2030

FREMONT, Calif., Sept. 11, 2025 (GLOBE NEWSWIRE) -- Enovix Corporation (Nasdaq: ENVX, ENVXW) (the “Company” or “Enovix”), a leader in advanced silicon battery technology, today announced the pricing of $300.0 million aggregate principal amount of 4.75% 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 granted 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 expected to close on September 15, 2025, subject to customary closing conditions.

The Notes will be general unsecured obligations of Enovix and will accrue interest payable semiannually in arrears on March 15 and September 15 of each year, beginning on March 15, 2026, at a rate of 4.75% per year. The Notes will mature on September 15, 2030, unless earlier converted, redeemed or repurchased.

Enovix estimates that the net proceeds from the Offering will be approximately $290.4 million (or approximately $348.6 million if the initial purchasers exercise their option to purchase additional Notes in full), after deducting the initial purchasers’ discounts and commissions and estimated offering expenses payable by Enovix. The Company expects to use approximately $37.7 million of the net proceeds from the Offering to pay the cost of the capped call transactions described below. The Company intends to use the remaining net proceeds of the Offering for general corporate purposes, which may include to fund a portion of the purchase price for potential acquisitions. Although Enovix does not currently have any commitments or agreements to make any acquisitions, from time to time the Company evaluates potential acquisition targets in the battery ecosystem where it believes it could accelerate the adoption of its batteries into additional markets and customers through the acquisition of businesses or technologies. Enovix is currently in preliminary discussions with a number of such companies that it believes could be EBITDA accretive within 12 months following the acquisition and that it believes present potential long-term revenue synergies for its business; however, the Company does not have any current commitments or agreements to make any such acquisitions. Such discussions are in preliminary stages, and there can be no assurances that Enovix makes any such acquisitions or that any such acquisition would be consummated and actually result in the accretion or revenue synergies that the Company expects. If the initial purchasers exercise their option to purchase additional Notes, Enovix expects to use a portion of the net proceeds from the sale of the additional Notes to enter into additional capped call transactions with the Option Counterparties (as defined below).