Enovix stock falls 13% on $300 million convertible debt plan
Enovix (ENVX) dropped 12.7% after-hours after announcing plans to raise $300 million via convertible debt, with an option for an extra $60 million. The move, coming days after a $232 million warrant exercise, sparked dilution fears. Funds will be used for acquisitions to expand into new markets. Despite the slide, sentiment stayed 'bullish.'