Rodgers Silicon Valley Acquisition Corp. (NASDAQ:RSVA) announced in a press release today that its shareholders approved its combination with next-generation 3D Silicon™ Lithium-ion battery manufacturer Enovix at a special meeting held on July 12.
The release did not include redemption numbers, but Rodgers Silicon Valley traded above $20 throughout July 8, the day of its redemption deadline, and opened today at $22.04.
The combined entity’s shares and warrants will start trading on the Nasdaq under the new symbols “ENVX” and “ENVXW”, respectively, on Thursday, July 15.
The transaction resulted in approximately $405 million of gross cash proceeds, before expenses, which 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).
Rodgers Silicon Valley and Enovix initially announced the $1.128 billion deal on February 22. Enovix’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. The company 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.
Battery technology companies have been hot. Quantumscape (NYSE:QS), also a battery cell technology company, announced its $3.3 billion deal with Kensington (NYSE:KCAC) a few months prior to Evonix back in September where the markets soared in response to the news. RSVA struck while the iron was still hot as it was able to negotiate PIPE investors up to $14 per share in hopes that it would be next Quantumscape deal. QS’s deal successfully closed with low redemptions in late November and opened today at $24.28.
Enovix ramped up hiring last week with five new additions to its leadership team to accelerate expansion ahead of the closing of its deal.
ADVISORS
- Oppenheimer & Co. Inc. is serving as financial advisor to Rodgers Silicon Valley Acquisition Corp.
- Loeb & Loeb LLP is serving as legal advisor to Rodgers Silicon Valley Acquisition Corp.
- Oppenheimer & Co. Inc. and Williams Trading, LLC are serving as placement agents on the PIPE offering.
- Cooley LLP is serving as legal advisor to Enovix
- Winston & Strawn LLP is serving as legal advisor to the placement agents.
Trajectory Alpha Acquisition Corp. (NYSE:TCOA) announced this afternoon that it has entered into a purchase and contribution agreement with its sponsor and J. Streicher Holdings, LLC. As a result, the SPAC will undergo a change in management. As part of the agreement, J. Streicher will pay $250,000 to Trajectory Alpha and $1.00 to the sponsor. In return,...
Latest SPAC Liquidations: Sound Point I, Bullpen Parlay, and Zimmer Energy Transition Sound Point Acquisition Corp I (SPCM) to Liquidate on June 4 Sound Point Acquisition Corp I, Ltd (NASDAQ: SPCM) announced today that it intends to liquidate and dissolve, effective as of June 4, 2023, and will redeem all of the outstanding Class A...
Latest Non-Redemption Agreements: GSR II Meteora Acquisition Corp. GSR II Meteora Acquisition Corporation (GSRM) Adds Non-Redemption Agreement On May 31, 2023, GSR II Meteora Acquisition Corp., (NASDAQ:GSRM), entered into certain non-redemption agreements with certain third parties in connection with the special meeting of stockholders. Pursuant to such Non-Redemption Agreements, each Non-Redeeming Stockholder agreed that it will...
Athena Technology Acquisition Corp. II (NYSE:ATEK) announced this afternoon that it is postponing its extension vote scheduled for June 12 until June 13. Shareholders at the special meeting are to vote on a proposal to allow Athena Technology II to extend its transaction deadline on a monthly basis up to nine times from June 14,...
Clover Leaf Capital Corp. (NASDAQ: CLOE) has entered into a definitive agreement to combine with Digital Ally, Inc.’s (NASDAQ: DGLY) ticketing platform Kustom Entertainment at a pro forma equity value of approximately $222.2 million. Kansas City, Kansas-based Kustom Entertainment is a primary and secondary ticket platform that manages wholly-owned subsidiaries TicketSmarter and Kustom 440. Transaction Overview Clover...