California-based Enovix Corp., which makes 3D silicon lithium-ion batteries, goes public through a merger with specialty acquisition company Rodgers Silicon Valley Acquisition Corp. RSVA,
in a deal with an estimated enterprise value of $ 1.13 billion. Under the agreement, Enovix will receive approximately $ 385 million in cash. Once the deal is closed, which is expected to happen in the second quarter of 2021, the combined company Enovix Corp. and the stock is expected to appear on the Nasdaq under the ticker symbol “ENVX.” Shares of Rodgers Silicon, which went public on January 4, 2021, were up 28.1% in premarket trading. “In my career, I’ve seen many claims of battery breakthroughs. But Enovix stands out because it has actually sampled cells based on its innovative architecture from leading customers and has a credible plan to produce at scale,” said Enovix board member Greg Reichow. “Enovix has already delivered batteries with record-breaking energy densities to customers and will do so at scale next year.” The company goes public at a time when the Renaissance IPO ETF IPO,
is up 26.8% in the last three months, while the S&P 500 SPX,
has gained 9.8%.