Enovix's Strategic Expansion and Technological Edge Present Strong Buy OpportunityWe reiterate our Outperform rating. Million Incoming. Yesterday, Enovix stock traded above the volume-weighted average price of $10.50, triggering the early exercise feature on the outstanding warrants, allowing the company to close the transaction well ahead of the October 1, 2026, expiration date. Already, $107.5 million have been exercised, and now this should bring in the rest of the $253.8 million in total proceeds. Malaysia Fab Fully Funded. Adding $250 million to the balance sheet now fully funds all four lines in Malaysia. The first line cost $100 million, and we estimate the next three will cost on average $60 million each, for a total capex spend of $280 million. With all four lines at capacity, 9 million units per line at an ASP of $15, this fab has a yearly revenue generation of over $500 million.