Enovix Declares Special Dividend Of One Warrant For Every Four Shares Of Common Stock Held As Of Record Date November 13; Repurchases $100M Of Its 2030 Notes For ~$63.1M

Stockholders will receive one (1) warrant for every four (4) shares of common stock held, rounded down to the nearest whole warrant. In addition, holders of the Company’s 3.00% Convertible Senior Notes due 2028 (the "2028 Notes") and 4.75% Convertible Senior Notes due 2030 (the "2030 Notes") as of the Record Date will receive warrants on a pass-through basis, as provided under the applicable indentures, preserving proportionate ownership across the Company’s fully-diluted share base.

Each warrant will entitle the holder to purchase one (1) share of common stock at an initial cash exercise price of $3.00. Holders may pay the exercise price in cash or by delivering the 2028 Notes at face value, subject to the terms of the warrant agreement. The 2030 Notes may not be delivered to exercise the warrants.

The transaction builds on the strong investor participation in Enovix’s 2025 warrant dividend program, when approximately 26.5 million warrants were exercised following early expiration, generating approximately $232.1 million in gross proceeds. All of those warrants have now been exercised or expired. The new pro rata distribution is designed to give existing stockholders the opportunity to maintain their proportionate ownership on a fully-diluted basis. Because every stockholder receives warrants at the same one-for-four ratio, a stockholder who exercises all of his or her warrants would own the same percentage of Enovix after the distribution as before it, assuming all other warrants are also exercised. To illustrate, a stockholder who owns 40,000 shares would receive 10,000 warrants at no cost and, upon exercise, would hold 50,000 shares.

This dividend also allows the warrants to be exercised by delivering 2028 Notes at face value, which aligns with the stockholder opportunity to create a stronger balance sheet for the Company. Exercises using 2028 Notes would retire the surrendered principal and reduce the Company’s future interest obligations without requiring Enovix to use cash to repay that principal. Cash exercises would also provide additional liquidity for general corporate purposes, including a new source of funding for increasing the Company’s Korean drone battery manufacturing capacity without drawing on existing cash.