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FREMONT, Calif. - Enovix Corporation (NASDAQ:ENVX) announced Monday that its common stock has traded above $10.50 for five trading days since the distribution of its warrants, potentially triggering an early expiration process for those securities. The warrants (NASDAQ:ENVXW) are currently trading at $6.36, with robust average daily trading volume of 2.46 million shares over the past three months. InvestingPro subscribers can access detailed warrant analysis and additional metrics to evaluate this trading opportunity.
The silicon battery technology company’s stock closed at $15.06 per share on Monday, putting the warrants (NASDAQ:ENVXW) in-the-money based on their $8.75 exercise price. The warrants have shown strong momentum, delivering a 9.66% return over the past week and trading within a 52-week range of $4.97 to $7.95.
According to the announcement, the earliest possible expiration date for the warrants would be August 19, 2025, provided Enovix shares continue trading above the $10.50 threshold. The company indicated it intends to proceed with early expiration on or shortly after that date if its stock exceeds $10.50 for an additional 15 trading days.
"If our stock trades above $10.50 for 20 out of 30 trading days, this notice gives Enovix the right—but not the obligation—to accelerate the expiration date of the Warrants to as early as August 19, 2025," said Ryan Benton, Chief Financial Officer, in the press release.
Benton added that the company is "reserving this right in advance" and would provide a follow-up announcement with advance notice should the early expiration conditions be met.
The warrants remain exercisable and tradable through their expiration date. The company noted that the warrant distribution was not registered under the Securities Act of 1933, as the distribution for no consideration does not constitute a security sale under Section 2(a)(3) of the Act.
Enovix describes itself as a leader in lithium-ion battery technology with a proprietary cell architecture designed for higher energy density and improved safety.
This article is based on a press release statement from Enovix Corporation.
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