Enovix Corp ( ENVX ) shares are trading lower Thursday after the company announced a $100 million public offering.

What Happened: Enovix ( ENVX ) announced an underwritten offering of 10,416,667 shares of its common stock for total gross proceeds of $100 million after the market close on Wednesday.

The company said it plans to grant the underwriter a 30-day option to buy up to an additional 1,562,500 shares at the public offering price.

All shares being offered will be sold by Enovix ( ENVX ). The offering is expected to close on Friday. Enovix ( ENVX ) expects to use the net proceeds from the offering to achieve high-volume manufacturing at its “Fab2” production facility in Malaysia, as well as for general corporate purposes.

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The news comes a day after Enovix ( ENVX ) shares jumped as the company reported better-than-expected financial results for the third quarter. Enovix ( ENVX ) said Fab2 is now operational and shipping samples to customers and also announced a development agreement with "one of the leading global smartphone OEMs with top five market share in China."

Under the agreement, Enovix ( ENVX ) will develop a 100% active silicon anode battery customized for specific smartphone models. The company said it is targeting the launch of its custom battery in the fourth quarter of 2025.

ENVX Price Action: Enovix ( ENVX ) shares were down 14.1%, trading at $9.01 at the time of publication Thursday, according to Benzinga Pro.