California-based Enovix Corp., which manufactures 3D silicon lithium-ion batteries, is made public through a merger with special-purpose acquisition company Rodgers Silicon Valley Acquisition Corp. RSVA,
in an agreement representing an estimated value of the company of $ 1.13 billion. Under the terms of the agreement, Enovix will receive about $ 385 million in cash. Once the deal is closed, which is expected to take place in the second quarter of 2021, the combined company will be called Enovix Corp. and the shares are expected to appear on the Nasdaq under the symbol “ENVX”. Shares of Rodgers Silicon, which went public on January 4, 2021, soared 28.1% in premarket trading. “In my career, I’ve seen a lot of claims about battery advances. But Enovix is distinguished by the fact that it has really sampled cells based on its innovative architecture with leading customers and has a credible plan to manufacture large scale, ”said Greg Reichow, board member of Enovix. “Enovix has already delivered batteries with record energy densities to customers and will do so on a scale as early as next year.” The company goes public at a time when the IPO Renaissance of OFP,
has risen 26.8% in the last three months, while the S&P 500 SPX,
has gained 9.8%.