Annual report pursuant to Section 13 and 15(d)

Business Combination (Tables)

v3.22.4
Business Combination (Tables)
 12 Months Ended
Jan. 01, 2023
Reverse Recapitalization [Abstract]  
Schedule of Reverse Recapitalization
The following table shows the number of shares of Common Stock issued immediately following the consummation of the Business Combination.
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 approximately 0.1846. All fractional shares were rounded.
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