Why Enovix Stock Is Rising After Hours
Portfolio Pulse from Ryan Gustafson
Enovix Corporation (NASDAQ:ENVX) announced the acquisition of Korean battery manufacturer Routejade. The deal, costing approximately 6.2 million shares of Enovix common stock and $16.5 million in cash, is expected to close in Q4 2023. The acquisition is expected to establish Enovix's presence in Korea, providing strategic proximity to key customers and suppliers. Enovix shares were up 1.12% in after-hours trading following the announcement.
September 20, 2023 | 8:51 pm
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Enovix's acquisition of Routejade is expected to boost its presence in Korea and provide strategic advantages. The news led to a 1.12% rise in after-hours trading.
The acquisition of Routejade by Enovix is a strategic move that is expected to provide the company with access to key customers and suppliers in Korea. This could potentially lead to increased business opportunities and growth for Enovix, which is reflected in the 1.12% rise in its share price in after-hours trading following the announcement.
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