Enovix to price $150 million five-year convertible notes overnight

By Abigail W. Adams

Portland, Me., April 17 – Enovix Corp. plans to price $150 million of five-year convertible notes after the market close on Monday, according to a company news release and a market source.

Cantor Fitzgerald & Co. is the bookrunner for the Rule 144A offering, which carries a greenshoe of $22.5 million.

The notes will be settled in cash, shares or a combination of both at the company’s option.

Entities affiliated with Enovix chair Thurman J. Rodgers intend to purchase up to $5 million of the offering.

In connection with the offering, the company will enter into capped call transactions.

Proceeds will be used to cover the cost of the call spread, to fund the build-out of a second battery cell manufacturing facility and the acquisition of production line manufacturing equipment, and for general corporate purposes.

Enovix is a Fremont, Calif.-based advanced silicon-anode lithium-ion battery manufacturer.

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