ENVX

Enovix Corporation

TMT, SPAC


Presented:06/17/2021
Price:$19.75
Cap:$0.68B
Current Price:$11.93
Cap:$2.10B

Presented

Date06/17/2021
Price$19.75
Market Cap$0.68B
Ent Value$0.38B
P/E RatioN/A
Book Value$4.40
Div Yield0%
Shares O/S34.50M
Ave Daily Vol191,326
Short Int3.73%

Current

Price$11.93
Market Cap$2.10B
Enovix Corporation develops and manufactures 3D silicon lithium-ion batteries. Its lithium-ion battery uses 3D cell architecture and silicon anode to increase energy density and maintain high cycle life. The company has strategic partnerships with Cypress Semiconductor, Intel Corporation, and Qualcomm. Enovix Corporation was formerly known as MicroAzure Corp. The company was founded in 2006 and is based in Fremont, California. It has production plants in Fremont, California; and Manila, the Philippines.

Please note, on 7/13/21 Rodgers Silicon Valley Acquisition Corp. (RSVA) merged with Enovix Corporation (ENVX) and assumed its company name. The content of this idea will make reference to the original SPAC.

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Publicly traded companies mentioned herein: Apple Inc (AAPL), Dell Technologies Inc (DELL), Enphase Energy Inc (ENPH), Facebook Inc (FB), Garmin Ltd (GRMN), Motorola Solutions Inc (MSI), QuantumScape Corp (QS), Snap Inc (SNAP), SunPower Corp (SPWR)

Highlights

The presenter is long shares of Rodgers Silicon Valley Acquisition Corp (RSVA), a SPAC that is buying Enovix, the leader in the design and manufacture of next generation 3D Silicon Lithium-ion batteries. For the past decade, Enovix has been working on a fundamentally new way to manufacture lithium-ion batteries that provides 50% – 100% better energy density in the same amount of space. He notes that this is not a science project, as Enovix is almost finished building Fab-1 and expects to generate revenues in Q2’22 by initially selling to GRMN, DELL, MSI, and SNAP. He expects the SPAC to close prior to the July 15 Analyst Day and notes that FB and SNAP are both investors that see it as core enabling technology for augmented reality (AR).

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