ENVX - Enovix plans for $150M notes offering stock falls 4%
2023-04-17 17:02:56 ET
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Enovix ( NASDAQ: ENVX ) intends to offer $150 million convertible senior notes due 2028 in a private placement, the silicon battery maker said Monday.
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Shares -4.2% at $13 after hours.
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The Fremont, California-based company also intends to grant the initial purchasers of the notes an option to purchase up to an additional $22.5 million of notes.
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Entities affiliated with company chairman Thurman Rodgers have shown an interest in purchasing up to $5.0 million of the additional notes in a separate concurrent private placement.
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The affiliate notes are expected to be sold at the same price, and constitute part of the same series, as the notes.
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The affiliated investors are under no obligation to purchase any of the affiliate notes offered and their interest in purchasing such affiliate notes is not a commitment to do so, ENVX said.
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The notes will be general unsecured obligations of Enovix and will accrue interest payable semiannually in arrears.
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The interest rate, initial conversion rate and other terms will be determined at the time of pricing of the offering.
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Enovix plans for $150M notes offering, stock falls 4%