ENVX - Why Enovix Is Crashing Today
Shares of lithium battery maker Enovix (NASDAQ: ENVX) are down 45.8% as of 12:36 p.m. ET Wednesday following Tuesday evening's troubling video presentation. In a livestreamed event held after trading hours, executive chairman T.J. Rodgers told investors that the ongoing optimization of the company's Fab-1 battery production facility is taking longer than initially expected.
At the same time, Rodgers indicated the company may raise funds sometime this year to continue the development of its second-generation battery.
The potential value of its battery technology isn't in question. Lithium is the only energy-storage material light enough, affordable enough, and available enough to power everything from cellphones to laptops to electric vehicles. Enovix's 3D silicon lithium-ion cell design gets even more functionality out of this battery material.
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Why Enovix Is Crashing Today