Shares of Enovix Corporation (ENVX) gained over 13% on Wednesday morning after the company authorized a share repurchase program of up to $60 million of common stock.
ENVX is currently trading at $11.48, up $1.34 or 13.15%, on the Nasdaq. The stock opened its trading at $10.63 after closing Tuesday at $10.15. The stock has traded between $5.27 and $18.68 in the past 52-week period.
"This repurchase program reflects our confidence in the company's long-term fundamentals and the strength of our 100% silicon-anode battery technology," said Ryan Benton, Chief Financial Officer of Enovix. "It also underscores our commitment to delivering long-term shareholder value."
The buyback authorization is effective beginning June 30, 2025, and any unused capacity will expire on December 31, 2026.
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