February 23, 2021
Enovix Corporation, the leader in the design and manufacture of next generation 3D Silicon™ Lithium-ion batteries, and Rodgers Silicon Valley Acquisition Corp. (Nasdaq: RSVA, RSVAU, RSVAW), a special purpose acquisition company (SPAC), have announced that they have entered into a definitive agreement and plan of merger for a business combination that will result in Enovix becoming a publicly listed company. Upon closing of the transaction, which is expected to occur 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." The transaction reflects an estimated pro forma enterprise value for the combined company of approximately US$1.128 billion. In connection with the transaction, investors have committed to an upsized US$175 million PIPE of common stock issued at US$14 per share.
Latham & Watkins LLP represents Eclipse Ventures in connection to the SPAC transaction with a corporate deal team led by partners Benjamin Potter and Ryan Maierson.