Enovix to Vote on Doubling Authorized Shares

TL;DR

Enovix is asking shareholders to double authorized shares on July 15th to fund growth.

AI Summary

On June 13, 2024, Enovix Corporation filed an 8-K report detailing a special meeting of stockholders scheduled for July 15, 2024. The primary purpose of this meeting is to vote on a proposed amendment to the company's certificate of incorporation to increase the number of authorized shares of common stock from 200,000,000 to 400,000,000.

Why It Matters

This vote is crucial for Enovix's future growth and financing flexibility, as it could enable the company to raise more capital or pursue strategic opportunities.

Risk Assessment

Risk Level: medium — Increasing authorized shares can dilute existing shareholders if not managed carefully, but it also provides necessary flexibility for future capital raises.

Key Numbers

• 400,000,000 — Proposed Authorized Shares (To be voted on at the July 15, 2024 special meeting.)
• 200,000,000 — Current Authorized Shares (Will be increased if the amendment passes.)
• July 15, 2024 — Special Meeting Date (Date for shareholder vote on the share increase.)

Key Players & Entities

• Enovix Corporation (company) — Registrant
• June 13, 2024 (date) — Date of Report
• July 15, 2024 (date) — Date of Special Meeting
• 200,000,000 (dollar_amount) — Current authorized shares
• 400,000,000 (dollar_amount) — Proposed authorized shares

FAQ

Key Financial Figures

• $0.0001 — ich registered Common Stock, par value $0.0001 per share ENVX The Nasdaq Global Select

Filing Documents

• envx-20240613.htm (8-K) — 49KB
• 0001828318-24-000126.txt ( ) — 170KB
• envx-20240613.xsd (EX-101.SCH) — 2KB
• envx-20240613_lab.xml (EX-101.LAB) — 21KB
• envx-20240613_pre.xml (EX-101.PRE) — 12KB
• envx-20240613_htm.xml (XML) — 3KB

07 Submission of Matters to a Vote of Security Holders

Item 5.07 Submission of Matters to a Vote of Security Holders. On June 13, 2024, Enovix Corporation (the " Company ") held its 2024 Annual Meeting of Stockholders (the " Annual Meeting "). At the Annual Meeting, the Company's stockholders voted on three proposals, each of which is described in more detail in the Company's definitive proxy statement filed with the U.S. Securities and Exchange Commission (the " SEC ") on April 29, 2024, as supplemented by a proxy statement supplement filed with the SEC on June 5, 2024 (the " Proxy Statement "). The following is a brief description of each matter voted on at the Annual Meeting, including the number of votes cast with respect to each matter and, if applicable, the number of abstentions and broker non-votes with respect to each matter. Proposal 1 – Election of Directors Stockholders approved the election of each of the Company's seven (7) directors to serve for a one-year term until the Company's 2025 Annual Meeting of Stockholders. The results of the voting were as follows: Nominee Voting Result For Withheld Broker Non-Votes Thurman John Rodgers Approved 63,892,496 4,096,335 46,040,499 Betsy Atkins Approved 56,840,888 11,147,943 46,040,499 Pegah Ebrahimi Approved 66,777,437 1,211,394 46,040,499 Bernard Gutmann Approved 67,125,509 863,322 46,040,499 Joseph Malchow Approved 66,920,296 1,068,535 46,040,499 Gregory Reichow Approved 66,552,638 1,436,193 46,040,499 Dr. Raj Talluri Approved 67,178,801 810,030 46,040,499 Proposal 2 – Compensation of Our Named Executive Officers Stockholders approved, on an advisory basis, the compensation of the Company's named executive officers as disclosed in the Proxy Statement. The results of the voting were as follows: Voting Result For Against Abstain Broker Non-Votes Approved 53,605,774 13,838,578 544,479 46,040,499 Proposal 3 – Ratification of Appointment of Independent Registered Accounting Firm for Fiscal Year 2024 Stockholders approved the ratification of the