UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 16, 2024
(Exact Name of Registrant as Specified in Its Charter)
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
| (Address of Principal Executive Offices) | (Zip Code) | |||||||
Registrant’s Telephone Number, Including Area Code: (510 ) 695-2350
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On December 16, 2024, Enovix Corporation (the “Company”) announced that Farhan Ahmad has departed from the Company as Chief Financial Officer of the Company, effective immediately. Mr. Ahmad’s departure is not the result of any disagreement with the Company regarding the Company’s operations, policies or practices.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit Number | Description | |||||||
| 99.1 | ||||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| Enovix Corporation | |||||||||||
| Date: | December 16, 2024 | By: | /s/ Arthi Chakravarthy | ||||||||
| Arthi Chakravarthy Chief Legal Officer | |||||||||||
Search to Replace Enovix CFO
FREMONT, Calif., December 16, 2024 (GLOBE NEWSWIRE) – Enovix Corporation (“Enovix”) (Nasdaq: ENVX), a global leader in high-performance batteries, today announced that CFO Farhan Ahmad has left the company and that it is searching for a new CFO.
CEO Raj Talluri said, “We thank Farhan for his service, which left us with a healthy balance sheet with over $250 million of cash, a reduced cost structure, a strong global finance team, and a clear financial runway to ramp the production of our high-energy battery in our new state-of-the-art factory in Penang, Malaysia. We wish him success in his future endeavors.”
Executive Chairman T.J. Rodgers said, “Our search will prioritize finding a CFO with an outstanding record at investor relations and a transparent communication style. I also want to say here that I deeply appreciate the numerous emails I have received from our investors that typically start with ‘I like Enovix, but…’ and then continue with thoughtful positive suggestions on how to improve our communications. In some cases the emails even contained an improved re-written version of one of our press releases and, in one case, an offer from a shareholder who is a professional consultant to help us for free."
Rodgers concluded, “I have always been completely open with investors, even on the details of problems, as demonstrated in my two-hour presentation on January 3, 2023, which was Raj Talluri’s first day as our new CEO. And I will institutionalize that standard in our IR group over time. Investors should also understand that our employees are afraid of appearing to let investors down and therefore, while never dishonest, they sometimes play their cards too close to the vest.”
About Enovix
Enovix is on a mission to deliver high-performance batteries to unlock the full potential of technology products. Every electronic appliance – for IoT, mobile, and computing – needs a better battery. Enovix is partnering with OEMs worldwide to usher in a new era of user experiences. Our innovative, materials-agnostic battery architecture creates higher-performing batteries without compromising safety and keeps us on the cutting-edge.
Enovix is headquartered in Silicon Valley with facilities in India, Korea and Malaysia. For more information visit www.enovix.com and follow us on LinkedIn.
For media and investor inquiries, please contact: Robert Lahey Email: ir@enovix.com