Plus   Neg

Stock Alert: Rodgers Silicon Valley Acquisition Up 30% On Merger Deal With Enovix

Shares of Rodgers Silicon Valley Acquisition Corp. (RSVA) are gaining nearly 30% on Monday morning after the special purpose acquisition company announced a merger deal with California-based Enovix Corp., which makes 3D silicon lithium-ion batteries.

RSVA is currently trading at $20.34, up $4.59 or 29.14%, on the Nasdaq.

The merger deal reflects an estimated enterprise value for the combined company of about $1.128 billion.

Upon closing of the transaction, which is expected to occur in the second quarter of 2021, the company will be named Enovix Corp. and is expected to remain listed on the Nasdaq under the new ticker symbol, "ENVX".

Enovix will receive about $385 million in cash. The proceeds will be funded through a combination of around $230 million cash in trust by Rodgers and a $175 million concurrent PIPE of common stock issued at $14 per share.

For comments and feedback contact: editorial@rttnews.com

Business News

Invest in the Best Pharma Stocks by Subscribing to RTT Biotech Investor.
Editors Pick
Walmart Inc. has launched a nationwide drive to boost COVID-19 vaccination rates by reaching out to more residents in vulnerable communities. The retail giant will organize a series of community events at 43 locations in 18 states to administer the COVID-19 vaccine. Walmart said it plans to continue these new events over the next several weeks as vaccine allocations allow. Pfizer Inc. (PFE) and OPKO Health Inc. (OPK) announced Friday that the European Medicines Agency or EMA has validated for review the Marketing Authorization Application for somatrogon. Pfizer expects a decision from the European Commission in 2022. The company said somatrogon is a long-acting recombinant... German telecom giant Deutsche Telekom AG reported Friday strong growth in fourth-quarter profit mainly driven by T-Mobile US results following the takeover of the competitor Sprint. Looking ahead for fiscal 2021, the company projects higher adjusted EBITDA AL, a key earnings metric.
Follow RTT