Enovix Corporation, a leader in advanced silicon battery technology, announced its intent to offer $300 million aggregate principal amount of Convertible Senior Notes due 2030 in a private placement to qualified institutional buyers.
The Notes will be general unsecured obligations of Enovix and will accrue interest payable semiannually in arrears.
The Company expects to use the net proceeds for general corporate purposes, including potential acquisitions in the battery ecosystem.
Offering Details
Enovix plans to offer $300 million of Convertible Senior Notes due 2030 in a private placement to qualified institutional buyers with an option to purchase an additional $60 million.
Usage of Proceeds
The Company intends to use a portion of the net proceeds to pay for capped call transactions and the remaining for general corporate purposes, including potential acquisitions.
Acquisition Strategy
Enovix is evaluating potential acquisition targets in the battery ecosystem to accelerate the adoption of its batteries into new markets and customers.
- The Offering of Convertible Senior Notes will provide Enovix with additional capital for potential acquisitions and general corporate purposes.
- Entering into capped call transactions will help manage the interim dilutive impact of the Notes on Enovix common stock.
Enovix's announcement of the $300 million convertible notes offering demonstrates the Company's strategic approach to raising capital for future growth and potential acquisitions in the battery sector.