Enovix Corp. (NASDAQ:ENVX) shares fell in Wednesday’s extended trading after the company announced its intent to offer $300 million aggregate principal amount of convertible senior notes due 2030.
The Details: Enovix also said it will grant the initial purchasers of the notes an option to purchase up to an additional $60 million aggregate principal amount.
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The company expects to use a portion of the net proceeds from the offering to pay the cost of the capped call transactions related to the transaction.
Enovix shares dipped on Tuesday alongside other lithium battery-related companies following reports that Contemporary Amperex Technology is expected to resume mining operations at the Jianxiawo mine in China.
ENVX Price Action: According to data from Benzinga Pro, Enovix shares were down 12.9% at $7.97 at the time of publication Wednesday.
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