Enovix Corp. of California, which produces 3D silicon lithium-ion batteries, goes public through a merger with special-purpose procurement company Rodgers Silicon Valley Acquisition Corp. RSVA,
in a transaction that is estimated to cost the company $ 1.13 billion. Under the agreement, Enovix will receive approximately $ 385 million in cash. With the conclusion of the transaction, which is expected to take place in the second quarter of 2021, the combined company will be named Enovix Corp., and the shares will be listed on the Nasdaq under the symbol “ENVX”. The shares of Rodgers Silicon, which became public on January 4, 2021, increased by 28.1% in premarket trading. “In my career, I’ve seen a lot of claims about battery progress. But Enovix stands out for sampling cells based on its innovative architecture with top customers and has a credible plan to build on a large scale,” said Greg Reichow, member of the board of directors of Enovix. . “Enovix has already delivered batteries with record energy densities for customers and will scale them as soon as next year.” The company goes public at a time when the Renaissance IPO ETF,
up 26.8% in the last three months, while the S&P 500 SPX,
gained 9.8%.