Shares of Enovix Corporation (NASDAQ: ENVX) rallied over 5% on Monday after the company announced the completion of a $100 million secondary equity offering.
On Friday, November 1st, Enovix received approximately $96 million in net proceeds from the offering after fees. The company sold new shares of its common stock to raise additional capital.
The successful equity raise was viewed positively by investors, as the influx of cash can potentially fund Enovix's growth initiatives, product development, or other strategic plans. The stock surge suggests the market believes the $96 million in new funds will bolster the company's future prospects.
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