Shares of Rodgers Silicon Valley Acquisition Corp. (NASDAQ: RSVA) skyrocketed 66.25% during the trading session of Monday. The firm has signed a merger deal with Enovix Corporation. After the execution of deal, Enovix Corporation will become the publicly traded firm.
The deal will be ended in the Q2 of 2021. The merged firm have new symbol of “ENVX” and continue listing on Nasdaq Stock Market. The new firm will be called Enovix Corporation. The deal indicates an approximate pro forma business value for the merged firm of nearly $1.128 billion.
The boards of directors of the firm will jointly authorize the deal in the Q2 of 2021. The deal is dependent on the authorization of both the shareholders of Enovix and Silicon Valley. As per the deal, the shareholders of Enovix will get the $385 million in net cash, after expenses. The profit will be financed through a merger of nearly $230 million cash in trust by RSVA and a $175 million synchronized PIPE of ordinary share granted at $14 per share, presented by prominent influential investors.
Rodgers Silicon Valley Acquisition Corp. has total market capitalization of $452.81 million at the time of writing. The profit from this deal will allow Enovix to build out its first two creation services to back demand from blue chip customers in developing mobile computing markets, adding 1.78 GWh of capacity, while proceeding to make cells for EVs.