Quarterly report pursuant to Section 13 or 15(d)

Business Combination (Tables)

v3.21.2
Business Combination (Tables)
 9 Months Ended
Oct. 03, 2021
Business Combinations [Abstract]  
Summary of Number of Shares Of Common Stock Issued in Consummation of Merger

The number of shares of Common Stock issued immediately following the consummation of the Business Combination was:

RSVAC common stock shares outstanding prior to the Business Combination

 

 

28,750,000

 

Less redemption of RSVAC common stock shares

 

 

(15

)

RSVAC common stock shares

 

 

28,749,985

 

PIPE Shares issued

 

 

12,500,000

 

RSVAC common stock shares and PIPE Shares

 

 

41,249,985

 

Legacy Enovix common shares (1)

 

 

103,995,643

 

Total shares of Common Stock immediately after the Business Combination

 

 

145,245,628

 

 

 (1)

The number of Legacy Enovix common shares was determined from the 563,316,738 shares of Legacy Enovix common stock outstanding immediately prior to the closing of the Business Combination converted at the exchange ratio of 0.1846. All fractional shares were rounded.
Summary of Net Cash Proceed from Business Combination

In connection with the Business Combination in July 2021, the Company assumed $73.4 million of net liabilities from RSVAC. The following table shows the net cash proceeds from the Business Combination (in thousands):

 

 

Recapitalization

 

Cash - RSVAC Trust and cash, net of redemptions

 

$

230,155

 

Cash - PIPE Financing

 

 

175,000

 

Less: transaction costs and PIPE financing fees

 

 

(31,410

)

Net cash contributions from Business Combination

 

$

373,745