Battery maker Enovix to go public, after $1.1 billion merger deal with SPAC Rodgers Silicon Valley Acquisition
California-based Enovix Corp., which makes 3D silicon lithium-ion batteries, is going public through a merger with special purpose acquisition company Rodgers Silicon Valley Acquisition Corp.
in a deal representing an estimated enterprise value of $1.13 billion. Under terms of the deal, Enovix will receive about $385 million in cash. Once the deal closes, which is expected to occur in the second quarter of 2021, the combined company will be named Enovix Corp. and the stock is expected to list on the Nasdaq under the ticker symbol “ENVX.” Rodgers Silicon’s stock, which went public on Jan. 4, 2021, soared 28.1% in premarket trading. “In my career, I have seen many claims of battery breakthroughs. But Enovix stands apart in that it has actually sampled cells based on its innovative architecture with leading customers and has a credible plan to manufacture at scale,” said Enovix board member Greg Reichow. “Enovix has already delivered batteries with record-setting energy densities to customers and will do so at scale as soon as next year.” The company is going public at a time that the Renaissance IPO ETF
has rallied 26.8% over the past three months while the S&P 500
has gained 9.8%.