Battery maker Enovix and Rodgers Silicon Valley Acquisition today announced that they have entered into a definitive agreement and plan of merger for a business combination that would value the merged enterprise at $1.128 billion.
Terms call for Enovix to receive $385 million in net cash, after expenses consisting of approximately $230 million cash held in trust by the SPAC and a $175 million concurrent PIPE of common stock issued at $14 per share.
If approved by shareholders, the deal is expected to close in the second quarter when the combiend company would be named Enovix and list on the Nasdaq under new ticker symbol ENVX.
Enovix is engaged in advanced silicon-anode lithium-ion battery development and production. Read more.
