Enovix Releases Supplemental FAQ to Support Warrant Dividend Distribution

Published July 15, 2025 08:45 ET on GlobeNewswire

Enovix Corporation (Nasdaq: ENVX) (“Company” or “Enovix”), a global high-performance battery company, today released a supplemental Frequently Asked Question (FAQ) document relating to the previously announced warrant dividend distribution.
The supplemental FAQ provides important clarifications on logistical and eligibility-related topics raised by shareholders and brokers, including: Potential limitations for shareholders who hold Enovix stock in margin accountsTiming of share purchases in relation to warrant eligibility “This update reflects our commitment to ensuring a smooth and transparent experience for our shareholders as we approach the warrant dividend record date,” said Ryan Benton, CFO of Enovix.
“In particular, we want to raise awareness of how certain brokerage practices—such as securities lending in margin accounts—could prevent shareholders from receiving exercisable warrants unless proactive steps are taken.” Shareholders are encouraged to review the new supplement along with the original FAQ, which are both available on the Investor Relations page (https://ir.enovix.com) (https://www.enovix.com/enovix-warrant-dividend/), and in addition, to contact their broker directly with any specific questions about their account status.
Details of Warrant Distribution
Stockholders will receive one (1) warrant for each seven (7) shares of common stock held as of the record date of July 17, 2025, rounded down to the nearest whole number for any fractional warrant.
As an example, a stockholder who owns 1,000 shares of common stock would receive 142 warrants, and a stockholder who owns 7,000 shares of common stock would receive 1,000 warrants. Holders of the Convertible Notes as of the record date will also receive warrants based on the same ratio in the manner determined by the indenture governing the Convertible Notes. As an example, holders of each $1,000 face amount of Convertible Notes will receive 9.1543 warrants, rounded down to the nearest whole number for any fractional warrant. After the distribution date, warrant holders may exercise their warrants for cash as specified under the terms of the warrant agreement that we expect to file with the U.S. Securities and Exchange Commission (“SEC”) by the distribution date. The Early Expiration Price Condition will be deemed satisfied if, during any period of twenty (20) out of thirty (30) consecutive trading days, the VWAP of the common stock equals or exceeds $10.50 (the “Early Expiration Trigger Price”) whether or not consecutive (such final day, the “Early Expiration Price Condition Date”). If this condition is met, the warrants will expire at 5:00 p.m. New York City time on the Business Day immediately following the Early Expiration Price Condition Date or such other date as the Company may elect in accordance with the warrant agreement. If the Early Expiration Price Condition occurs, Enovix will make a public announcement to that effect, which will include the corresponding expiration date. Otherwise, the warrants will expire at 5:00 pm EST on October 1, 2026.... Read more

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