Meme stocks and altcoins might seem like the biggest trends of the year, but they’re not quite. SPACs (special purpose acquisition companies) have quietly been driving investor madness since January. And, unlike interest in altcoins and meme stocks, there are no signs of this train slowing down. Coinbase (NASDAQ:COIN), Churchill Capital (NYSE:CCIV), Pershing Square Tontine Holdings (NYSE:PSTH) and more are driving the news cycle. And every time a new company eyes up a SPAC merger, investors take interest. The newest challenger is Enovix (NASDAQ:ENVX). Enovix stock will be hitting the market soon thanks to a recent announcement.
Enovix is a battery-production company based in California. The Enovix model emphasizes the power of silicon-node, lithium-ion batteries for use in sleek, handheld products like laptops and smartphones. Enovix claims its battery formula brings an energy-dense, long-lasting product that holds a longer life-cycle than its competitors.
The company is jumping headfirst into Wall Street now, with a SPAC merger bringing it public. The company put out a press release yesterday detailing the merger. Enovix will trade on the Nasdaq by way of Rodgers Silicon Valley Acquisition Corp. (NASDAQ:RSVA), the company purchasing the battery-manufacturing play.
Enovix Stock Reaches Nasdaq for Trading Today
All-in-all, the transaction is a great one for Enovix stock. The merger brought the company $405 million in gross cash proceeds, which will be crucial for funding the company’s vision. Enovix hopes to build out two new production facilities with the cash injection, which will help it court blue-chip companies with its innovative battery tech and aptitude for high-volume production.
As the dust clears on the merger, trading is already available for investors on the Nasdaq. Enovix stock is seeing its first public exchanges, with just under 260,000 shares of ENVX swapping hands in the first hours of trading. The stock is seemingly volatile this morning as investors make their initial buys; shares are down by about 8.5%. Meanwhile, RSVA is paring losses of about 3.5%.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.