(Reuters) - Enovix Corp said on Monday it had agreed to go public through a merger with blank-check firm Rodgers Silicon Valley Acquisition Corp in a deal that values the lithium-ion battery maker at $1.13 billion, including debt.
The deal is expected to deliver net proceeds of $385 million to Enovix, including a private investment of $175 million from undisclosed institutional investors.
Fremont, California-based Enovix is building its first factory to produce lithium-ion batteries for small devices, such as smart watches. It is also working on 3D cell technology and batteries for electric vehicles.
Rodgers, a special purpose acquisition company, raised $230 million in an initial public offering in December.
SPACs are shell companies that raise funds through an IPO to take a private company public. They have gained immense popularity as they provide more certainty over achievable valuation and require less scrutiny than traditional IPOs.
Enovix will list on the Nasdaq Stock Market and will trade under the ticker symbol “ENVX” after the merger, which is expected to close in the second quarter of 2021.
Oppenheimer & Co. Inc is serving as the financial advisor to Rodgers.
Reporting by Tiyashi Datta in Bengaluru; Editing by Anil D’Silva and Aditya Soni