RSVAU - Rodgers Silicon Valley Acquisition Corp. soars on SPAC deal to buy battery firm Enovix

Rodgers Silicon Valley Acquisition Corp. (RSVAU) rallied as much as 78% Monday on word that the SPAC has agreed to buy advanced battery company Enovix (ENVX) at a $1.1B enterprise valuation. RSVA traded as high as a record $33.35 vs. Friday’s close at $18.73. It pulled back some later, but was still changing hands at $32.52 shortly after 10:30 a.m. ET Monday, up 73.6% on the session. Enovix is a leader in the design and manufacture of next generation 3D silicon lithium-ion batteries. The company sees a $13B total addressable market for its products by 2025. Enovix will receive some $385M in net proceeds from the deal. That will consist of some $230M from the SPAC (less any redemptions), plus $175M from an upsized and oversubscribed private investment in public equity (PIPE) at $14 per share. The combined company will be named Enovix Corp. and list on the Nasdaq under

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Rodgers Silicon Valley Acquisition Corp. soars on SPAC deal to buy battery firm Enovix