Silicon Li-ion battery SPAC deal promises mobile benefits

3D silicon Lithium-ion battery company Enovix Corporation has announced that it has entered into a definitive agreement and plan of merger for a business combination with special purpose acquisition company (SPAC) Rodgers Silicon Valley Acquisition Corp. that will result in Enovix becoming a publicly listed company.

years doing difficult work and refused to compromise on engineering integrity. Its toughness led Enovix to today's transaction, and billions of consumers stand to benefit."

The transaction reflects an estimated pro forma enterprise value for the combined company of approximately $1.128 billion. Upon the closing of the business combination, and assuming no redemptions of shares of Rodgers by its public stockholders, Enovix will receive approximately $385 million in net cash, after expenses. The proceeds will be funded through a combination of approximately $230 million cash in trust by Rodgers and a $175 million concurrent private investment in public equity (PIPE) of common stock issued at $14 per share, anchored by leading institutional investors.

Enovix's Rust adds, "We are excited to partner with the accomplished team at RSVAC, who understand that the success of any advanced product is the ability to produce it at scale. With their help and the capital provided by this transaction, Enovix will produce the advanced batteries that power our mobile future."

Upon closing of the transaction, which is expected in the second quarter of 2021, the company will be named Enovix Corporation and is expected to remain listed on the Nasdaq Stock Market under the new ticker symbol, "ENVX."

Enovix Corporation