Enovix Declares 65.6M Warrant Dividend at $3.00 Strike, Adds 2028 Note Pay-In
ENVX sits 56% above its 52-week low of $2.2 on elevated volume (2.4× avg).
Summary
Enovix declared a one-for-four warrant dividend — about 65.6 million warrants at a $3.00 strike — that holders can pay for with cash or by surrendering 2028 Notes at face value, alongside a $100 million 2030 note buyback at a ~37% discount to par.
Key Events · Financing and Capital Events · ENVX
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One-for-Four Warrant Dividend Declared
Record date November 13, 2026; distribution on or about November 18, 2026. Roughly 65.6 million warrants will be issued — about 54.8 million to common holders and 10.8 million to convertible noteholders on an as-converted pass-through basis.
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$3.00 Strike, $177.2M If Fully Exercised
Each warrant buys one share at $3.00, below today's $3.44 price. Full exercise would raise approximately $177.2 million in a mix of cash and 2028 Notes surrendered at face value; actual proceeds depend on how many warrants are exercised and how holders pay.
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2028 Notes Can Pay the Strike
Holders may surrender 3.00% Convertible Senior Notes due 2028 at face value — $1,000 principal per 333 warrants — retiring up to the full $172.5 million outstanding and cutting future interest without using cash. The 2030 Notes are not eligible.
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$100M 2030 Note Buyback at 37% Discount
Enovix repurchased $100 million principal of its 4.75% 2030 Notes for approximately $63.1 million, a ~37% discount to par, lifting net cash by approximately $36.9 million.
Analysis · ENVX · Manufacturing
Enovix is handing every holder one free warrant per four shares — roughly 65.6 million warrants struck at $3.00, versus a $3.44 stock price today — and letting holders pay the strike by surrendering 2028 Notes at face value. That is the real story: a debt-retirement mechanism dressed as a dividend. If holders exercise with notes, up to the full $172.5 million of 3.00% 2028 Notes can be cancelled without Enovix spending cash, cutting interest expense; if they pay cash, Enovix gets up to about $177.2 million for general purposes including Korean drone capacity. The company pairs this with a $100 million principal buyback of its 4.75% 2030 Notes for about $63.1 million, a ~37% discount to par that adds roughly $36.9 million to net cash. Existing holders who do nothing keep their percentage only if nobody else exercises; anyone who exercises and is not matched dilutes non-participants. The $3.00 strike sits below today's $3.44 price, so the warrants start in the money and the early-expiration trigger at $3.30 could shorten the window sharply.
How filings like this one have moved
In the 30 days to Oct 28, 2026, 36.5% of the 953 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.66%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, ENVX was trading at $3.44 on NASDAQ in the Manufacturing sector, with a market capitalization of approximately $735.2M. The 52-week trading range was $2.20 to $12.65. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.