What's Going On With Enovix Stock?

Enovix Corp ENVX shares are trading lower Wednesday following a livestream presentation from company management. 

What Happened: Enovix executive chairman T.J. Rodgers provided an update on production, commercialization and recent management additions in a livestream presentation from the Enovix factory Tuesday night.

Shares appeared to react negatively when the company said it will require funding for its gen2 production line rollout, which is expected in November, 2023. 

Last week, Enovix named Raj Talluri president and CEO, effective Jan. 18. Talluri will replace CEO and co-founder Harrold Rust, who is retiring from his position, but will serve in an advisory role to support the leadership transition.

"Many of the key technologies of the future, from portable electronics to EVs, rely on significant advances in battery technology and Enovix is the leader in this space," Talluri said.

Enovix is engaged in advanced silicon-anode lithium-ion battery development and production.

See Also: Nasdaq, S&P 500 Futures Rise Ahead Of FOMC Minutes, Manufacturing Data

ENVX Price Action: Enovix has a 52-week high of $26.30 and a 52-week low of $7.26.

The stock was down 35.6% at $7.81 at time of publication, according to Benzinga Pro.

Photo: courtesy of Enovix.