Early Warrant Expiration: Preliminary Notice

Rhea-AI Summary

Enovix Corporation (Nasdaq: ENVX) announced that its common stock price has exceeded $10.50 for five trading days, potentially triggering an early expiration of its warrants (ENVXW). The company's stock closed at $15.06 per share, with warrants currently in-the-money at an $8.75 exercise price.

The earliest possible expiration date for the warrants is August 19, 2025, contingent on the stock maintaining above $10.50 for an additional 15 trading days. CFO Ryan Benton indicated that while the company intends to accelerate the warrant expiration if conditions are met, warrant holders can continue exercising or trading their positions through the expiration date.

Positive

• Warrants are in-the-money with stock price at $15.06 vs $8.75 exercise price
• Strong stock performance exceeding $10.50 threshold
• Potential for early warrant exercise to strengthen company's capital structure

Negative

• Potential dilution from warrant exercises
• Uncertainty around final warrant expiration date

Insights

Financial Analyst

Enovix is signaling likely warrant acceleration in August, potentially bringing in capital while diluting existing shareholders.

Enovix is taking preliminary steps to accelerate the expiration of its outstanding warrants (ENVXW), which could have significant financial implications for both warrant holders and existing shareholders. The company has noted that its stock price has exceeded the $10.50 threshold for five trading days, with the current share price at $15.06 significantly above the warrants' exercise price of $8.75.

The mechanics here are important: if Enovix's stock continues trading above $10.50 for an additional 15 trading days (for a total of 20 out of 30 trading days), the company can accelerate the warrant expiration to as early as August 19, 2025. This is a strategic capital-raising maneuver that would incentivize warrant holders to exercise their rights to purchase shares at $8.75 before expiration.

If fully exercised, these warrants would provide an immediate capital infusion while simultaneously diluting existing shareholders. The in-the-money status of these warrants ($8.75 exercise price vs. $15.06 current share price) represents a 72% discount to current market value, making exercise highly attractive for warrant holders.

CFO Ryan Benton's statement emphasizes flexibility in timing while signaling the company's intent to accelerate at the earliest practical date, suggesting management believes this is an opportune moment to strengthen the balance sheet. For Enovix, a battery technology company likely requiring significant capital for scaling operations, this warrant conversion could provide non-dilutive funding relative to issuing new shares at current market prices.

Price of Enovix common stock has exceeded $10.50 for five trading days 
The earliest expiration date for the Warrants is August 19, 2025 
Reserves right to set Alternate Expiration Date for Warrants 

FREMONT, Calif., July 28, 2025 (GLOBE NEWSWIRE) -- Enovix Corporation (Nasdaq: ENVX, ENVXW) (“Company” or “Enovix”), a leader in advanced silicon battery technology, today announced that the price of its common stock has exceeded $10.50 for five trading days since the distribution of the warrants to purchase common stock (the “Warrants”), currently traded on Nasdaq under ENVXW. Today’s closing price for Enovix common stock was $15.06 per share, and the Warrants are currently in-the-money based on their $8.75 per share exercise price.

The earliest expiration date for the Warrants is August 19, 2025, subject to Enovix common stock continuing to trade above $10.50 per share.

It is the Company’s intention, subject to the trading price of Enovix common stock continuing to exceed $10.50 for an additional 15 trading days and the Early Expiration Price Condition (defined in the Warrant Agreement) being satisfied, to proceed with the early expiration on, or shortly after, August 19, 2025.

Reservation of Alternate Expiration Date for the Warrants

Enovix is reserving the right to set an Alternate Expiration Date (defined in the Warrant Agreement) that would apply to the Warrants.

Ryan Benton, Chief Financial Officer, stated, “If our stock trades above $10.50 for 20 out of 30 trading days, this notice gives Enovix the right—but not the obligation—to accelerate the expiration date of the Warrants to as early as August 19, 2025. With five trading days already above that level, we’re simply reserving this right in advance. If and when the Early Expiration Date Condition is met, we intend to set the expiration date at the earliest allowable point that also ensures an orderly and fair process for Warrant holders who have not yet exercised before that date. Should that occur, we’ll also issue a follow-on press release to provide advance notice. In the meantime, the Warrants remain exercisable and tradable each day through expiration—and we encourage shareholders to act according to the timeline that best fits their individual circumstances.”

Further Information Relating to the Warrants

For more information relating to the exercise mechanics and other terms of the Warrants, please refer to the materials filed by the Company with the Securities and Exchange Commission (the “SEC”) available at https://www.sec.gov and the information posted on the Company’s website at https://www.enovix.com/enovix-warrant-dividend.

About Enovix Corporation

Enovix is a leader in advancing lithium-ion battery technology with its proprietary cell architecture designed to deliver higher energy density and improved safety. The Company’s breakthrough silicon-anode batteries are engineered to power a wide range of devices from wearable electronics and mobile communications to industrial and electric vehicle applications. Enovix’s technology enables longer battery life and faster charging, supporting the growing global demand for high-performance energy storage. Enovix holds a robust portfolio of issued and pending patents covering its core battery design, manufacturing process, and system integration innovations. For more information, visit https://www.enovix.com.

No Offer or Solicitation

This press release is for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

The issuance of the Warrants has not been registered under the Securities Act of 1933, as amended (the “Securities Act”), as the distribution of a Warrant for no consideration does not constitute a sale of a security under Section 2(a)(3) of the Securities Act. A Form 8-A registration statement and prospectus supplement describing the terms of the Warrants were filed with the SEC and are available on the SEC’s website located at https://www.sec.gov. Holders of Warrants should read the prospectus supplement carefully, including the Risk Factors section included and incorporated by reference therein. This press release contains a general summary of the Warrants. Please read the Warrant Agreement filed as an exhibit to the Company’s Current Report on Form 8-K filed with the SEC on July 21, 2025 as it contains important information about the terms of the Warrants.

Forward‐Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, about us, the Warrants and our business that involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance and can be identified by words such as anticipate, believe, continue, could, estimate, expect, intend, may, might, plan, possible, potential, predict, should, would and similar expressions that convey uncertainty about future events or outcomes. Forward-looking statements in this press release include, without limitation, our expectations regarding the Early Expiration Price Condition, the possibility of electing an Alternate Expiration Date, other terms applicable to the Warrants and the anticipated trading prices of our common stock. Actual results and outcomes could differ materially from these forward-looking statements as a result of certain risks and uncertainties, including, without limitation, those risks and uncertainties and other potential factors set forth in our filings with the SEC, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of our most recently filed annual report on Form 10-K and quarterly reports on Form 10-Q and other documents that we have filed, or that we will file, with the SEC. For a full discussion of these risks, please refer to Enovix’s filings with the SEC, including its most recent Form 10-K and Form 10-Q, available at https://ir.enovix.com and www.sec.gov. Any forward-looking statements made by us in this press release speak only as of the date on which they are made and subsequent events may cause these expectations to change. We disclaim any obligations to update or alter these forward-looking statements in the future, whether as a result of new information, future events or otherwise, except as required by law.

Investor Contact:
Robert Lahey
ir@enovix.com

Chief Financial Officer:
Ryan Benton
ryan.benton@enovix.com

FAQ

What is the current status of ENVX warrants and when might they expire?

ENVX warrants (ENVXW) could expire as early as August 19, 2025, if the stock continues trading above $10.50 for an additional 15 trading days. The warrants are currently in-the-money with an $8.75 exercise price.

What is the exercise price of Enovix (ENVX) warrants and are they in-the-money?

Enovix warrants have an exercise price of $8.75 and are currently in-the-money with the stock trading at $15.06 per share.

What conditions need to be met for ENVX warrants to expire early?

ENVX stock must trade above $10.50 for 20 out of 30 trading days, with 5 days already achieved. The company must also satisfy the Early Expiration Price Condition as defined in the Warrant Agreement.

Can ENVX warrant holders still exercise their warrants?

Yes, warrant holders can continue to exercise or trade their warrants through the expiration date, with the company encouraging shareholders to act according to their individual circumstances.

Where can investors find more information about ENVX warrants?

Detailed information about ENVX warrant exercise mechanics and terms is available on the SEC website and Enovix's website at enovix.com/enovix-warrant-dividend.