Enovix Stock Tumbles After Hours: What To Know

Enovix Corp. (NASDAQ:ENVX) shares fell in Wednesday’s extended trading after the company announced its intent to offer $300 million aggregate principal amount of convertible senior notes due 2030.

The Details: Enovix also said it will grant the initial purchasers of the notes an option to purchase up to an additional $60 million aggregate principal amount.

Read Next: Oracle Stock Rockets On $455 Billion Revenue Pipeline: Here’s What Wall Street Is Buzzing About

The company expects to use a portion of the net proceeds from the offering to pay the cost of the capped call transactions related to the transaction.

Enovix shares dipped on Tuesday alongside other lithium battery-related companies following reports that Contemporary Amperex Technology is expected to resume mining operations at the Jianxiawo mine in China.

ENVX Price Action: According to data from Benzinga Pro, Enovix shares were down 12.9% at $7.97 at the time of publication Wednesday.

Read Next: 

• Opendoor’s Meme Stock Mania Gets Comedic Twist 

Photo: Shutterstock