(Reuters) – Enovix Corp stated on Monday it had agreed to go public by means of a merger with blank-check agency Rodgers Silicon Valley Acquisition Corp in a deal that values the lithium-ion battery maker at $1.13 billion, together with debt.
The deal is predicted to ship web proceeds of $385 million to Enovix, together with a personal funding of $175 million from undisclosed institutional buyers.
Fremont, California-based Enovix is constructing its first manufacturing facility to provide lithium-ion batteries for small units, similar to good watches. It is usually engaged on 3D cell know-how and batteries for electrical automobiles.
Rodgers, a particular function acquisition firm, raised $230 million in an preliminary public providing in December.
SPACs are shell firms that increase funds by means of an IPO to take a personal firm public. They’ve gained immense recognition as they supply extra certainty over achievable valuation and require much less scrutiny than conventional IPOs.
Enovix will checklist on the Nasdaq Inventory Market and can commerce beneath the ticker image “ENVX” after the merger, which is predicted to shut within the second quarter of 2021.
Oppenheimer & Co. Inc is serving because the monetary advisor to Rodgers.
Reporting by Tiyashi Datta in Bengaluru; Enhancing by Anil D’Silva and Aditya Soni