Enovix Declares New Warrant Dividend
Enovix declared a special dividend of one warrant per four shares (record date November 13, distribution on or about November 18), exercisable at $3.00 per share in cash or by delivering 2028 convertible notes at face value. The 2028-note exercise mechanic retires debt dollar-for-dollar without cash outlay; the company also repurchased $100 million of 2030 Notes for $63.1 million, a 37% discount to par that boosted net cash by roughly $36.9 million. Enovix separately reiterated preliminary Q3'26 revenue of $11.0 million, up 38% year-over-year and above its $9-10 million guidance, with drone and defense customers at about 70% of revenue.
Key figures
- Warrant ratio
- 1 warrant per 4 shares
- Drone pipeline
- $150 million (up 48%)
- Warrant expiry
- April 28, 2028
- Warrant ticker
- ENVXW
- Customer pipeline
- $216 million
- Net cash increase
- $36.9 million
- Prelim q3 26 revenue
- 11000000
- 2025 warrant proceeds
- $232.1 million
- Prelim q3 revenue yoy
- 38%
- Notes repurchase price
- $63.1 million (approximately 37% discount to par)
- Warrant exercise price
- 3
- Korea capacity investment
- 19000000
- Notes repurchased principal
- 100000000
- Early expiration price condition
- $3.30 (110% of exercise price on 20 of 30 trading days)
AI analysis
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