Enovix Corporation (“Enovix”), the leader in the design and
manufacture of 3D Silicon™ Lithium-ion batteries, announced today
that it has completed its previously announced business combination
with Rodgers Silicon Valley Acquisition Corp. (Nasdaq: RSVA, RSVAU,
RSVAW) (“RSVAC”), a publicly traded special purpose acquisition
company or SPAC. RSVAC’s shareholders approved the combination at a
special meeting held on July 12, 2021.
The combined company will retain the name Enovix
Corporation and is expected to begin trading on the Nasdaq Global
Select Market (“Nasdaq”) on July 15, under the new ticker symbol
“ENVX” for Enovix common stock and “ENVXW” for Enovix
warrants. Trading of securities will be remain under the RSVA,
RSVAU and RSVAW ticker symbols until the opening of trading of ENVX
on July 15.
The transaction resulted in approximately $405
million of gross cash proceeds, before deducting placement agent
commissions and other offering related expenses. This will
allow Enovix to build out its first two production facilities to
support demand from blue chip customers in the global mobile
computing market while continuing to develop cells for Electric
Vehicles (EVs).
Since its founding in 2007, Enovix has been
working on the dual challenges of designing and manufacturing
better batteries. It has made twin breakthroughs: first, an elegant
100% active silicon anode that marks a breakthrough in energy
density and uses one of Earth’s most abundant materials. Second, a
new architecture that encases Enovix batteries in precision
stainless steel, built by a sophisticated automated assembly line
engineered by the semiconductor industry veterans at Enovix.
Harrold Rust, President and Chief Executive
Officer of Enovix, commented, “Enovix’s public company debut marks
a significant milestone in our effort to design and manufacture
next generation 3D Silicon™ Lithium-ion batteries with energy
densities that are five years ahead of current battery
technologies. We are focused on producing the first advanced
silicon-anode lithium-ion battery for mass-market applications from
our U.S. manufacturing facility. Simply put, the world needs a
better battery and we look forward to powering the industries of
the future.”
T.J. Rodgers, former Chairman and Chief Executive
Officer of RSVAC and a member of the board of directors of Enovix,
added, “Enovix has succeeded where others have failed. Every major
trend in technology is bottlenecked by energy density –– from 5G
phones to artificial intelligence to electric vehicles. Developing
and manufacturing a 100% active silicon anode has long been a goal
of the battery industry because it dramatically increases
performance. We believe that Enovix will be the first to deliver at
scale due to its proprietary 3D cell architecture, world-class team
and automated manufacturing. With five design wins with major
technology leaders, Enovix is years ahead of other battery
companies. Even better, it has a plan to maintain that lead.”
As part of the deal, Enovix will retain its
experienced management team, led by President and CEO Harrold Rust,
while gaining new board members Manny Hernandez and Dan McCranie
from the RSVAC team.
Rust commented, “We welcome Manny and Dan to the
Enovix board of directors, both of whom bring decades of
operational and board experience from multiple public technology
companies. Their expertise in finance, sales & marketing, and
corporate governance will be a tremendous asset as we scale our
company.”
Oppenheimer & Co. Inc. served as financial
advisor, and Loeb & Loeb LLP served as legal advisor to RSVAC.
Oppenheimer & Co. Inc. and Williams Trading, LLC acted as
placement agents on the PIPE financing. Cooley LLP served as legal
advisor to Enovix.
About Enovix
Enovix is the leader in advanced silicon-anode
lithium-ion battery development and production. The company's
proprietary 3D cell architecture increases energy density and
maintains high cycle life. Enovix is building an advanced
silicon-anode lithium-ion battery production facility in the U.S.
for volume production. The company's initial goal is to provide
designers of category-leading mobile devices with a high-energy
battery so they can create more innovative and effective portable
products. Enovix is also developing its 3D cell technology and
production process for the electric vehicle and energy storage
markets to help enable widespread utilization of renewable energy.
For more information, go to www.enovix.com.
About Rodgers Silicon Valley Acquisition
Corp.
RSVAC is a blank check company formed for the
purpose of effecting a merger, share exchange, asset acquisition,
share purchase, reorganization or similar business combination with
one or more businesses. RSVAC's mission is to provide fundamental
public technology investors with early access to an excellent
Silicon Valley technology company with a focus on green energy,
electrification, storage, Smart Industry (IoT), Artificial
Intelligence and the new automated-manufacturing wave. For more
information, go to www.rodgerscap.com.
Forward-Looking Statements
This press release contains certain
forward-looking statements for purposes of the safe harbor
provisions under the United States Private Securities Litigation
Reform Act of 1995. These forward-looking statements generally are
identified by the words “intend,” “future,” “may,” “to be,” “will,”
“would,” “will be,” “expect,” “project,” “believe,” “estimate,”
“intend,” “should,” “plan,” “predict,” “seem,” “seek,” “outlook”
and similar expressions that predict or indicate future events or
trends or that are not statements of historical matters. These
forward-looking statements include, but are not limited to,
statements regarding Enovix’s ability to build and scale its
advanced silicon-anode lithium-ion battery, the build out of
Enovix’s production facilities and the expected benefits of the
business combination between Enovix and RSVAC. These statements are
based on various assumptions, whether or not identified in this
press release, and on the current expectations of the management of
Enovix and are not predictions of actual performance. These
forward-looking statements are provided for illustrative purposes
only and are not intended to serve as, and must not be relied on by
an investor as, a guarantee, an assurance, a prediction, or a
definitive statement of fact or probability. Actual events and
circumstances are difficult or impossible to predict and will
differ from assumptions. Many actual events and circumstances are
beyond the control of Enovix and RSVAC.
These forward-looking statements are subject to a
number of risks and uncertainties, including changes in domestic
and foreign business, market, financial, political, and legal
conditions; risks related to the rollout of the Enovix business and
the timing of expected business milestones; the effects of
competition on the Enovix business; and those factors discussed
under the heading “Risk Factors” in the Registration Statement on
Form S-4, as amended, filed by RSVAC, and other documents RSVAC
and/or Enovix has filed, or will file, with the SEC. If any of
these risks materialize or Enovix’s assumptions prove incorrect,
actual results could differ materially from the results implied by
these forward-looking statements. There may be additional risks
that Enovix does not presently know, or that Enovix does not
currently believe are immaterial, that could also cause actual
results to differ from those contained in the forward-looking
statements. In addition, forward-looking statements reflect the
expectations, plans, or forecasts of future events by Enovix and
views as of the date of this press release. Enovix anticipates that
subsequent events and developments will cause the assessments of
Enovix to change. However, while Enovix may elect to update these
forward-looking statements at some point in the future, Enovix
specifically disclaims any obligation to do so. Readers are
cautioned not to put undue reliance on forward-looking statements,
and neither Enovix nor RSVAC assume any obligation and do not
intend to update or revise these forward-looking statements,
whether as a result of new information, future events, or
otherwise. Neither Enovix nor RSVAC gives any assurance that either
Enovix or RSVAC will achieve its expectations.
For investor inquiries, please
contact:
Enovix Corporation Charles Anderson Phone: +1
(612) 229-9729 Email: canderson@enovix.com
Or
The Blueshirt Group Gary Dvorchak, CFA Phone:
(323) 240-5796 Email: gary@blueshirtgroup.com
For media inquiries, please
contact:
Enovix Corporation Kristin Atkins Phone: +1
(650) 815-6934 Email: katkins@enovix.com
Or
Matt Stewart Method
Communications Phone: +1 (415) 867-0999 Email:
matt@methodcommunications.com
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