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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.

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