Enovix Declares Warrant Dividend; Repurchases $100M of Notes
Enovix Corporation announced its Board of Directors declared a warrant dividend distribution to holders of its common stock and convertible senior notes. Stockholders will receive one warrant for every four shares held, and noteholders will receive warrants on a pass-through basis. Each warrant allows the holder to purchase one share of common stock at an exercise price of $3.00, payable in cash or by surrendering the 3.00% Convertible Senior Notes due 2028. The company also announced a $100 million repurchase of its 4.75% Convertible Senior Notes due 2030 for approximately $63.1 million. Preliminary Q3'26 revenue was $11.0 million, a 38% increase year-over-year, driven by drone and defense customers.
Key Highlights
- Enovix declared a warrant dividend distribution to common stockholders and convertible noteholders.
- Stockholders receive 1 warrant for every 4 shares held; noteholders receive warrants on a pass-through basis.
- Each warrant allows purchase of 1 common share at $3.00 exercise price, payable in cash or 3.00% Convertible Senior Notes due 2028.
- Warrants will be distributed on or about November 18, 2026, to holders of record on November 13, 2026.
- The company repurchased $100 million of 4.75% Convertible Senior Notes due 2030 for approximately $63.1 million.
- Preliminary Q3'26 revenue was $11.0 million, up 38% YoY; drone and defense customers accounted for ~70% of revenue.
- Purchase orders in early Q4'26 exceeded total Q3'26 revenue, including an order for 100,000 battery units.
- Enovix is investing $19 million to double its Korean drone battery production capacity.
Price Impact
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