California-based Enovix Corp., which makes 3D silicon-lithium-ion batteries, is introduced through a merger with specialty sourcing company Rodgers Silicon Valley Acquisition Corp. RSVA,
in a transaction representing an estimated business value of $ 1.13 billion. Under the agreement, Enovix will receive approximately $ 385 million in cash. Once the deal closes, which is expected to take place in the second quarter of 2021, the combined company will be named Enovix Corp and is expected to list the stock on the Nasdaq under the symbol “ENVX”. The shares of Rodgers Silicon, which became known on January 4, 2021, rose 28.1% in the pre-trade. “In my career, I’ve seen a lot of claims for breakthrough batteries. But Enovix is different from the fact that it chose cells based on its innovative architecture with leading customers and a credible plan to manufacture on a large scale,” “said Enovix board member Greg Reichow. “Enovix has already delivered batteries with record-setting energy densities to customers and will do so on a next scale next year.” The company was launched at a time when the Renaissance IPO ETF IPO,
has increased by 26.8% over the past three months while the S&P 500 SPX,
achieved 9.8%.
