05:41 PM EDT, 07/07/2025 (MT Newswires) -- Enovix ( ENVX ) said late Monday that it is issuing a special dividend of warrants to common stockholders and convertible note holders.

The company said it will issue one warrant for every seven shares held by stockholders as of the record date of July 17, with each warrant exercisable at $8.75 per share. Holders of the company's 3.00% convertible senior notes due 2028 as of the record date will receive warrants on a pass-through basis, Enovix ( ENVX ) said.

Enovix ( ENVX ) will have the opportunity to raise up to $253.8 million in proceeds from the transaction.

The warrants will expire on Oct. 1, 2026, the company said.