Enovix’s $1.128 Billion Merger with Rodgers Silicon Valley Acquisition Corp

Latham & Watkins LLP represented Eclipse Ventures in the transaction.

Enovix Corporation, the leader in the design and manufacture of next generation 3D Silicon™ Lithium-ion batteries, and Rodgers Silicon Valley Acquisition Corp. (Nasdaq: RSVA, RSVAU, RSVAW), a special purpose acquisition company (SPAC), have entered into a definitive agreement and plan of merger for a business combination that will result in Enovix becoming a publicly listed company.

Upon closing of the transaction, which is expected to occur in the second quarter of 2021, the company will be named Enovix Corporation and is expected to remain listed on the Nasdaq Stock Market under the new ticker symbol “ENVX.” The transaction reflects an estimated pro forma enterprise value for the combined company of approximately US$1.128 billion. In connection with the transaction, investors have committed to an upsized US$175 million PIPE of common stock issued at US$14 per share. 

Eclipse Ventures is an early-stage venture firm managed by a team of former operators who are passionate about modernizing massive, physical industries like manufacturing, logistics, transportation and healthcare. 

Latham & Watkins LLP represented Eclipse Ventures in connection to the SPAC transaction with a corporate deal team led by partners Benjamin Potter (Picture) and Ryan Maierson.

Involved fees earner: Ryan Maierson – Latham & Watkins; Benjamin Potter – Latham & Watkins;

Law Firms: Latham & Watkins;

Clients: Eclipse Ventures;

Martina Bellini

Author: Martina Bellini