What's Going On With Enovix Stock Thursday?

Enovix Corp ENVX shares are trading lower Thursday after the company announced a $100 million public offering.

What Happened: Enovix announced an underwritten offering of 10,416,667 shares of its common stock for total gross proceeds of $100 million after the market close on Wednesday.

The company said it plans to grant the underwriter a 30-day option to buy up to an additional 1,562,500 shares at the public offering price.

All shares being offered will be sold by Enovix. The offering is expected to close on Friday. Enovix expects to use the net proceeds from the offering to achieve high-volume manufacturing at its “Fab2” production facility in Malaysia, as well as for general corporate purposes.

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The news comes a day after Enovix shares jumped as the company reported better-than-expected financial results for the third quarter. Enovix said Fab2 is now operational and shipping samples to customers and also announced a development agreement with "one of the leading global smartphone OEMs with top five market share in China."

Under the agreement, Enovix will develop a 100% active silicon anode battery customized for specific smartphone models. The company said it is targeting the launch of its custom battery in the fourth quarter of 2025.

ENVX Price Action: Enovix shares were down 14.1%, trading at $9.01 at the time of publication Thursday, according to Benzinga Pro.

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