Enovix acquires Routejade for ~$16.5M cash + 6.2M shares; accretive, vertical integration

Enovix Corp

Total consideration of ~6.2M Enovix shares and ~$16.5M cash for 100% of Routejade.
Acquisition verticalizes electrode coating and battery pack manufacturing; expected to reduce future capex by ~$35M.
Routejade is a qualified supplier of coated rolls for Enovix batteries, supporting Fab2 scale-up starting 2024.
Transaction expected to close in Q4 2023 and be immediately accretive; Routejade CEO Kihong Park will continue to run the business.
Establishes Enovix presence in Korea near customers, equipment suppliers, and raw material suppliers.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Enovix Corp entered into Stock Purchase Agreement with Rene Limited valued at cash consideration up to approximately $16,500,000 and 6,183,862 shares of Common Stock (effective 2023-09-18).

Action: entry
Agreement: asset purchase
Counterparty: Rene Limited
Value: cash consideration up to approximately $16,500,000 and 6,183,862 shares of Common Stock
Effective: 2023-09-18

Exact text from the filing

On September 18, 2023, Enovix Corporation (“Enovix”) entered into a Stock Purchase Agreement (the “Stock Purchase Agreement”) with Rene Limited, a corporation incorporated under the laws of Korea (the “Seller”).

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23 material agreements filed in the last 30 days. Browse all material agreements →

Enovix Corp filing history →

Source: SEC EDGAR

accession 0001828318-23-000193

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