0000950170-21-001463 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2021	Aug. 12, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2021
Entity Registrant Name	Enovix Corporation
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Common Stock, Shares Outstanding		145,245,628
Entity Shell Company	false
Entity Central Index Key	0001828318
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity File Number	001-39753
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-5871008
Entity Address, Address Line One	3501 W Warren Avenue
Entity Address, City or Town	Fremont
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94538
City Area Code	510
Local Phone Number	695-2350
Common Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	ENVX
Security Exchange Name	NASDAQ
Warrants
Document Information [Line Items]
Title of 12(b) Security	Warrants, each whole warrant exercisable for one share of Common Stock at an exercise price of $11.50 per share
Trading Symbol	ENVXW
Security Exchange Name	NASDAQ

Condensed Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Current Assets
Cash	$ 142,943	$ 773,086
Prepaid expenses	135,250	166,079
Total Current Assets	278,193	939,165
Cash held in Trust Account	230,011,447	229,967,028
Total Assets	230,289,640	230,906,193
Current Liabilities
Accounts payable and accrued expenses	630,205	84,754
Warrant liability	188,110,000	19,780,000
Deferred underwriting fee payable	8,050,000	8,050,000
Total Current Liabilities	196,790,205	27,914,754
Total Liabilities	196,790,205	27,914,754
Commitments and Contingencies (See Note 7)
Common stock subject to possible redemption; 2,849,943 shares at redemption value	28,499,426	197,991,430
Stockholders' Equity
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; no shares issued and outstanding
Common stock, $0.0001 par value; 100,000,000 shares authorized; 25,900,057 shares issued and outstanding (excluding 2,849,943 shares subject to possible redemption)	2,590	895
Additional paid in capital	176,983,089	7,492,780
Accumulated deficit	(171,985,670)	(2,493,666)
Total Stockholders' Equity	5,000,009	5,000,009
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 230,289,640	$ 230,906,193

Condensed Balance Sheets (Parenthetical) (Unaudited) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Common stock subject to possible redemption, shares at redemption value	2,849,943	2,849,943
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	25,900,057	25,900,057
Common stock, shares outstanding	25,900,057	25,900,057
Common Stock Subject to Possible Redemption [Member]
Common stock, shares outstanding	2,849,943	2,849,943

Condensed Statement of Operations (Unaudited) - USD ($)	3 Months Ended	6 Months Ended
Condensed Statement of Operations (Unaudited) - USD ($)	Jun. 30, 2021	Jun. 30, 2021
Income Statement [Abstract]
Formation and operational costs	$ 660,945	$ 1,240,288
Loss from operations	(660,945)	(1,240,288)
Other income (expense):
Interest income - bank	6	19
Change in fair value of warrant liability	(117,485,000)	(168,330,000)
Interest earned on marketable securities held in Trust Account	6,900	68,810
Unrealized gain on marketable securities held in Trust Account		9,455
Total other loss, net	(117,478,094)	(168,251,716)
Loss before benefit from (provision for) income taxes	(118,139,039)	(169,492,004)
Benefit from (provision for) income taxes
Net loss	$ (118,139,039)	$ (169,492,004)
Basic and diluted weighted average shares outstanding, Common stock subject to possible redemption	14,663,847	17,218,721
Basic and diluted net loss per share, Common stock subject to possible redemption
Basic and diluted weighted average shares outstanding	14,086,153	11,531,279
Basic and diluted net income (loss) per share	$ (8.39)	$ (14.71)

Condensed Statement of Shareholders' Equity (Unaudited) - USD ($)	Total	Common Stock [Member]	Additional Paid in Capital [Member]	Accumulated Deficit [Member]
Beginning balance at Dec. 31, 2020	$ 5,000,009	$ 895	$ 7,492,780	$ (2,493,666)
Beginning balance, Shares at Dec. 31, 2020	25,900,057	8,948,018
Change in value of common stock subject to redemption	$ 51,352,960	$ 514	51,352,446
Change in value of common stock subject to redemption, shares		5,138,135
Net loss	(51,352,965)			(51,352,965)
Ending balance at Mar. 31, 2021	5,000,004	$ 1,409	58,845,226	(53,846,631)
Ending balance, Shares at Mar. 31, 2021		14,086,153
Beginning balance at Dec. 31, 2020	$ 5,000,009	$ 895	7,492,780	(2,493,666)
Beginning balance, Shares at Dec. 31, 2020	25,900,057	8,948,018
Net loss	$ (169,492,004)
Ending balance at Jun. 30, 2021	$ 5,000,009	$ 2,590	176,983,089	(171,985,670)
Ending balance, Shares at Jun. 30, 2021	25,900,057	25,900,057
Beginning balance at Mar. 31, 2021	$ 5,000,004	$ 1,409	58,845,226	(53,846,631)
Beginning balance, Shares at Mar. 31, 2021		14,086,153
Change in value of common stock subject to redemption	118,139,044	$ 1,181	118,137,863
Change in value of common stock subject to redemption, shares		11,813,904
Net loss	(118,139,039)			(118,139,039)
Ending balance at Jun. 30, 2021	$ 5,000,009	$ 2,590	$ 176,983,089	$ (171,985,670)
Ending balance, Shares at Jun. 30, 2021	25,900,057	25,900,057

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

Condensed Statement of Cash Flows (Unaudited) - USD ($)	3 Months Ended	6 Months Ended
Condensed Statement of Cash Flows (Unaudited) - USD ($)	Jun. 30, 2021	Jun. 30, 2021
Cash Flows from Operating Activities:
Net loss		$ (169,492,004)
Adjustments to reconcile net loss to net cash used in operating activities:
Change in fair value of warrants	$ 117,485,000	168,330,000
Interest earned on marketable securities held in Trust Account	(6,900)	(68,810)
Unrealized gain on marketable securities held in Trust Account		(9,455)
Changes in operating assets and liabilities:
Prepaid expenses		30,829
Accounts payable and accrued expenses		545,451
Net cash used in operating activities		(663,989)
Cash Flows from Investing Activities:
Cash withdrawn from Trust Account to pay franchise and income taxes		33,846
Net cash provided by investing activities		33,846
Cash Flows from Financing Activities:
Net cash provided by financing activities		0
Net Change in Cash		(630,143)
Cash - Beginning of period		773,086
Cash - End of period	$ 142,943	$ 142,943

Description of Organization and Business Operations

6 Months Ended

Jun. 30, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Description of Organization and Business Operations

NOTE 1 — DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS

Rodgers Silicon Valley Acquisition Corp. (the “Company” or "RSVAC"), was incorporated in Delaware on September 23, 2020. The Company was formed for the purpose of entering into a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses (a “Business Combination”).

The Company is not limited to a particular industry or geographic region for purposes of consummating a Business Combination. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies.

On July 14, 2021 (the “Closing Date”), Enovix Corporation, a Delaware Corporation (“Legacy Enovix”), RSVAC, and RSVAC Merger Sub Inc., a Delaware Corporation and wholly owned subsidiary of RSVAC (“Merger Sub”), consummated the closing of the transactions contemplated by the Agreement and Plan of Merger, dated February 22, 2021, by and among RSVAC, Merger Sub and Legacy Enovix (the “Merger Agreement”), following the approval at a special meeting of the stockholders of RSVAC held on July 12, 2021 (the "Special Meeting"). Pursuant to the terms of the Merger Agreement, a business combination of RSVAC and Legacy Enovix was effected by the merger of Merger Sub with and into Legacy Enovix, with Legacy Enovix surviving as a wholly owned subsidiary of RSVAC. Following the consummation of the Merger on the Closing Date, Legacy Enovix changed its name to Enovix Operations Inc., and RSVAC changed its name from Rodgers Silicon Valley Acquisition Corp. to Enovix Corporation ("New Enovix"). Please refer to Note 5 "Reverse Recapitalization" for further details of the Merger.

As of June 30, 2021, the Company had not commenced any operations. All activity for the period from September 23, 2020 (inception) through June 30, 2021 relates to the Company’s formation, the initial public offering (“Initial Public Offering”), which is described below, and identifying a target company for a Business Combination, and activities in connection with the proposed acquisition of Legacy Enovix.

The registration statement for the Company’s Initial Public Offering was declared effective on December 1, 2020. On December 4, 2020, the Company consummated the Initial Public Offering of 23,000,000 units (the “Units” and, with respect to the shares of common stock included in the Units sold, the “Public Shares”), which includes the full exercise by the underwriter of its over-allotment option in the amount of 3,000,000 Units, at $10.00 per Unit, generating gross proceeds of $230,000,000.

Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 6,000,000 warrants (the “Private Placement Warrants”) at a price of $1.00 per Private Placement Warrant in a private placement to the Company’s sponsor, Rodgers Capital LLC (the “Sponsor”), generating gross proceeds of $6,000,000.

Transaction costs amounted to $13,051,274 consisting of $4,600,000 of underwriting fees, $8,050,000 of deferred underwriting fees and $401,274 of other offering costs. Total transaction costs were allocated to a component of equity and a component of the public company warrant liability based on an allocated proceeds model. Approximately $0.7 million was allocated to the warrant liability component and immediately expensed.

Following the closing of the Initial Public Offering on December 4, 2020, an amount of $230,000,000 ($10.00 per Unit) from the net proceeds of the sale of the Units in the Initial Public Offering and the sale of the Private Placement Warrants was placed in a trust account (the “Trust Account”), located in the United States and held as cash or invested only in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less or in any open-ended investment company that holds itself out as a money market fund and government bonds selected by the Company meeting the conditions of Rule 2a-7 of the Investment Company Act of 1940, as amended (the “Investment Company Act”), as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the funds in the Trust Account, as described below.

The Company provided its holders of the outstanding Public Shares (the “public stockholders”) with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination in connection with the Special Meeting on July 12, 2021. In connection with the Special Meeting, holders of 15 shares of RSVAC's common stock, par value $0.0001 per share (“RSVAC Common Stock”), or 0% of the shares with redemption rights, exercised their right to redeem their shares for cash at a redemption price of approximately $10.00 per share, for an aggregate redemption amount of $150.00. There were no redemption rights upon the completion of a Business Combination with respect to the Company’s warrants.

The Sponsor has agreed (a) to waive redemption rights with respect to the Founder Shares and Public Shares held by them in connection with the completion of a Business Combination and (b) not to propose an amendment to the Amended and Restated Certificate of Incorporation (i) to modify the substance or timing of the Company’s obligation to allow redemption in connection with the Company’s initial Business Combination and certain amendments to the Amended and Restated Certificate of Incorporation or to redeem 100% of its Public Shares if the Company does not complete a Business Combination or (ii) with respect to any other provision relating to stockholders’ rights or pre- initial business combination activity, unless the Company provides the public stockholders with the opportunity to redeem their Public Shares in conjunction with any such amendment.

In order to protect the amounts held in the Trust Account, the Sponsor has agreed to be liable to the Company if and to the extent any claims by a vendor for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below (i) $10.00 per Public Share or (ii) such lesser amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account due to reductions in the value of trust assets, in each case net of the interest which may be withdrawn to pay the Company’s tax obligation and up to $100,000 for liquidation excepts, except as to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account (even if such waiver is deemed to be unenforceable) and except as to any claims under the Company’s indemnity of the underwriters of Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (except the Company’s independent registered public accounting firm), prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account.

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Unaudited Interim Condensed Financial Statements The condensed balance sheet as of June 30, 2021, the condensed statements of operations and condensed statements of shareholders’ equity for the three and six months ended June 30, 2021 and the condensed statements of cash flows for the six months ended June 30, 2021 are unaudited. These accompanying unaudited condensed financial statements have been prepared pursuant to the rules and regulations of the SEC for interim financial reporting. In the opinion of management, these unaudited condensed financial statements reflect all adjustments, consisting of normal recurring items, considered necessary to present fairly the Company’s financial condition, results of operations, stockholders’ equity and cash flows for the interim periods indicated. The results of operations for the three and six months ended June 30, 2021 are not necessarily indicative of the operating results for the full year, and therefore should not be relied upon as an indicator of future results. The condensed balance sheet as of December 31, 2020 included herein was derived from the audited financial statements as of that date. The accompanying condensed financial statements and related notes should be read in conjunction with the audited financial statements for the year ended December 31, 2020, included in the RSVAC Annual Report on Form 10-K and Form 10-K/A filed with the SEC. Use of Estimates The preparation of the financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statement, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. Summary of Significant Accounting Policies There have been no significant changes to the Company’s significant accounting policies in Note 3. “Summary of Significant Accounting Policies,” of the notes to the financial statements for the year ended December 31, 2020 included in the RSVAC Annual Report on Form 10-K and Form 10-K/A filed with the SEC.

Public Offering

6 Months Ended

Jun. 30, 2021

Initial Public Offering [Abstract]

Public Offering

NOTE 3 — PUBLIC OFFERING

Pursuant to the Initial Public Offering, the Company sold 23,000,000 Units which includes a full exercise by the underwriters of their over-allotment option in the amount of 3,000,000 Units, at a price of $10.00 per Unit. Each Unit consists of one share of common stock and one-half of one redeemable warrant (“Public Warrant”). Each whole Public Warrant entitles the holder to purchase one share of common stock at a price of $11.50 per share, subject to adjustment.

Private Placement

6 Months Ended

Jun. 30, 2021

Private Placement [Abstract]

PRIVATE PLACEMENT

NOTE 4 — PRIVATE PLACEMENT

Simultaneously with the closing of the Initial Public Offering, the Sponsor purchased an aggregate of 6,000,000 Private Placement Warrants, at a price of $1.00 per Private Placement Warrant, for an aggregate purchase price of $6,000,000, from the Company in a private placement. Each Private Placement Warrant entitles the holder to purchase one share of common stock at a price of $11.50 per share, subject to adjustment. The proceeds from the sale of the Private Placement Warrants were added to the net proceeds from the Initial Public Offering held in the Trust Account.

Reverse Recapitalization

6 Months Ended

Jun. 30, 2021

Reverse Recapitalization Abstract

Reverse Recapitalization

NOTE 5 — REVERSE RECAPITALIZATION

On July 14, 2021, Legacy Enovix, RSVAC, and Merger Sub, consummated the closing of the transactions contemplated by the Merger Agreement, following the approval at the Special Meeting held on July 12, 2021. Immediately prior to the Merger all shares of Legacy Enovix outstanding convertible preferred stock were converted into an equivalent number of shares of Legacy Enovix Common Stock.

At the Merger, eligible Legacy Enovix equity holders received or have the right to receive shares of common stock at a deemed value of $10.00 per share after giving effect to the exchange ratio of 0.1846 as defined in the Merger Agreement (“Exchange Ratio”). Accordingly, immediately following the consummation of the Merger, Legacy Enovix Common Stock was exchanged into 103,995,643 shares of Common Stock, and 5,547,327 shares were reserved for the issuance of common stock upon the potential future exercise of Legacy Enovix's stock options that were exchanged into Enovix's stock options.

In connection with the execution of the Merger Agreement, RSVAC entered into separate subscription agreements (each a “Subscription Agreement”) with a number of investors (each a “New PIPE Investor”), pursuant to which the New PIPE Investors agreed to purchase, and RSVAC agreed to sell to the New PIPE Investors, an aggregate of 12,500,000 shares of common stock (“PIPE Shares”), for a purchase price of $14.00 per share and an aggregate purchase price of $175,000,000, in a private placement pursuant to the subscription agreements (“PIPE Financing”). The PIPE Financing closed simultaneously with the consummation of the Merger.

The number of shares of common stock issued immediately following the consummation of the Merger was:


RSVAC Common Stock shares outstanding prior to the Merger		28,750,000
Less redemption of RSVAC Common Stock shares		(15	)
RSVAC Common Stock shares		28,749,985
PIPE Shares issued		12,500,000
Merger and PIPE Shares		41,249,985
Legacy Enovix Common Shares (1)		103,995,643
Total shares of common stock immediately after the Merger	145,245,628


(1)	The number of Legacy Enovix Common Shares was determined from the 563,316,738 shares of Legacy Enovix Common Stock outstanding immediately prior to the closing of the Merger converted at the exchange ratio of 0.1846. All fractional shares were rounded.

The Merger is accounted for as a reverse recapitalization under GAAP. This determination is primarily based on Legacy Enovix stockholders comprising a relative majority of the voting power of New Enovix and having the ability to nominate the members of the Board, Legacy Enovix’s operations prior to the acquisition comprising the only ongoing operations of New Enovix, and Legacy Enovix’s senior management comprising a majority of the senior management of New Enovix. Under this method of accounting, RSVAC is treated as the “acquired” company for financial reporting purposes. Accordingly, for accounting purposes, the financial statements of New Enovix represent a continuation of the financial statements of Legacy Enovix with the Merger being treated as the equivalent of New Enovix issuing stock for the net assets of RSVAC, accompanied by a recapitalization. The net assets of RSVAC are stated at historical costs, with no goodwill or other intangible assets recorded. Operations prior to the Merger are presented as those of New Enovix. All periods prior to the Merger have been retrospectively adjusted using the Exchange Ratio for the equivalent number of shares outstanding immediately after the Merger to effect the reverse recapitalization. Additionally, upon the consummation of the Merger, the Company gave effect to the issuance of 41,249,985 shares of common stock for the previously issued RSVAC common stock and PIPE Shares that were outstanding at the Closing Date.

In connection with the Merger in July 2021, New Enovix raised approximately $405,200,000 of gross proceeds including the contribution of $230,012,116 of cash held in RSVAC’s trust account from its initial public offering, $175,000,000 of gross proceed in connection with the PIPE financing and operating cash held in the checking account. New Enovix incurred $7,000,000 of PIPE financing fee, which was 4.0% of the gross proceeds from PIPE financing, and approximately $16,600,000 of transaction costs, which primarily consisted of banking, legal, and other professional fees. Majority of the transaction costs was recorded as a reduction to additional paid-in capital of proceeds.

Related Party Transactions

6 Months Ended

Jun. 30, 2021

Related Party Transactions

NOTE 6 — RELATED PARTY TRANSACTIONS

Founder Shares

On September 24, 2020, the Company issued an aggregate of 5,750,000 shares of Class B common stock (the “Founder Shares”) to the Sponsor, Rodgers Capital LLC, for an aggregate purchase price of $25,000 in cash. The Founder Shares include an aggregate of up 750,000 shares subject to forfeiture to the extent that the underwriters’ over-allotment option is not exercised in full or in part, so that the Sponsor will own 20% of the Company’s issued and outstanding shares after the Initial Public Offering (assuming the Sponsor does not purchase any Public Shares in the Initial Public Offering). As a result of the underwriters’ election to fully exercise their over-allotment option at the Initial Public Offering, the 750,000 shares are no longer subject to forfeiture.

Certain directors of RSVAC are members of the Sponsor, Rodgers Capital LLC and own units of the Sponsor that will convert into Founder Shares upon distribution of the Sponsor’s assets to its members. Prior to the IPO, Mr. Hernandez, Mr. McCranie, Mr. Gomo, Mr. Malchow and Ms. Hung received 460,000, 450,000, 295,000, 262,500 and 262,500 units respectively, which are convertible into Founder Shares. The balance of the units in the Sponsor are held by the Rodgers Massey Revocable Trust, of which Mr. Rodgers is trustee and are convertible into 4,020,000 Founder Shares.

The Sponsor has agreed, subject to limited exceptions, not to transfer, assign or sell any of the Founder Shares until the earlier to occur of: (A) one year after the completion of a Business Combination or (B) subsequent to a Business Combination, (x) if the last reported sale price of the Company’s common stock equals or exceeds $14.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after a Business Combination, or (y) the date on which the Company completes a liquidation, merger, capital stock exchange, reorganization or other similar transaction that results in all of the Company’s stockholders having the right to exchange their shares of common stock for cash, securities or other property.

Related Party Loans

Bridge Loan

On May 24, 2021, Enovix Corporation issued to a member of the board of directors a secured promissory note (the “Bridge Loan”) with an aggregate principal balance of $15,000,000 and an interest rate of 7.5% per annum payable monthly and on the maturity date. All unpaid interest and principal shall be due and payable upon request by the holders on or after the earlier of (i) the closing of the Merger Agreement and (ii) October 25, 2021. To secure payment of all amounts due under the Bridge Loan, Enovix Corporation granted a security interest in all of Enovix Corporation’s personal property, now existing or hereafter arising, including all accounts, inventory, equipment, general intangibles, financial assets, investment property, securities, deposit accounts, and the proceeds thereof (together, the “Collateral”), but which shall not include the intellectual property. On July 14, 2021, Legacy Enovix repaid all amounts outstanding under the Bridge Loan, which totaled $15,246,696 in principal and interest.

Commitments and Contingencies

6 Months Ended

Jun. 30, 2021

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

NOTE 7 — COMMITMENTS and CONTINGENCIES

Registration Rights

Pursuant to an amended and restated registration rights agreement entered into on July 14, 2021, the holders of the Founder Shares, Private Placement Warrants and any warrants that may be issued upon conversion of the Working Capital Loans (and any shares of common stock issuable upon the exercise of the Private Placement Warrants or warrants issued upon conversion of Working Capital Loans), RSVAC’s directors and officers and certain former stockholders of Legacy Enovix are entitled to registration rights, requiring the Company to register such securities for resale (in the case of the Founder Shares, only after conversion to shares of common stock). The holders of the majority of these securities are entitled to make up to two demands, excluding short form demands, that the Company register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to completion of a Business Combination and rights to require the Company to register for resale such securities pursuant to Rule 415 under the Securities Act. The registration rights agreement does not contain liquidating damages or other cash settlement provisions resulting from delays in registering the Company’s securities. The Company will bear the expenses incurred in connection with the filing of any such registration statements.

Underwriting Agreement

The underwriters are entitled to a deferred fee of 3.5% of the gross proceeds of the Initial Public Offering, or $8,050,000. The deferred fee will be payable in cash to the underwriters solely in the event that the Company completes a Business Combination from the amounts held in the Trust Account, subject to the terms of the underwriting agreement.

Contingencies

Michael Costello v. Rodgers Silicon Valley Acquisition Corp., et al., 21-CV-01536, Superior Court of California, San Mateo County

On March 22, 2021, Michael Costello filed a complaint in the Superior Court of California, San Mateo County, against RSVAC and RSVAC’s board of directors. The plaintiff alleges, among other things, that the RSVAC directors breached their fiduciary duties in connection with the terms of a proposed transaction, and that the disclosures in RSVAC’s registration statement regarding the proposed transaction were materially deficient.

Derek Boxhorn v. Rodgers Silicon Valley Acquisition Corp., et al., 1:21-cv-02900 (SDNY)

On April 5, 2021, Derek Boxhorn filed a complaint in the United States District Court for the Southern District of New York against RSVAC and RSVAC’s board of directors. The plaintiff alleges, among other things, that the defendants violated Sections 14(a) and 20(a) of the Securities Exchange Act of 1934, and that the individual defendants breached their fiduciary duties, in connection with the terms of the Business Combination, and that RSVAC’s registration statement contained materially incomplete and misleading information regarding the Business Combination.

Each plaintiff seeks, among other things, unspecified monetary damages, attorney’s fees and costs and injunctive relief, including enjoining the now completed Business Combination. The Costello complaint also seeks rescission of the Business Combination and/or rescissory damages related to the Business Combination, a declaration and decree that the Merger Agreement was in breach of fiduciary duties and unenforceable, and sought an order directing the individual defendants to disseminate a registration statement that does not contain untrue statements of material fact and states all material facts required to make the statements contained therein not misleading.

The Company cannot predict the outcome of the lawsuits or any others that might be filed subsequent to the date of filing of this Quarterly Report on Form 10-Q and cannot reasonably estimate the possible loss or range of loss with respect to these matters. The Company believes that the lawsuits are without merit and intends to defend against the claims vigorously.

Stockholders' Equity

6 Months Ended

Jun. 30, 2021

Stockholders' Equity Note [Abstract]

Stockholders' Equity

NOTE 8 — STOCKHOLDERS’ EQUITY

Preferred Stock – The Company is authorized to issue 1,000,000 shares of preferred stock with a par value of $0.0001 per share. As of June 30, 2021, there were no preferred shares issued and outstanding.

Common Stock — The Company is authorized to issue 100,000,000 shares of common stock with a par value of $0.0001 per share. As of June 30, 2021, there were 25,900,057 shares of common stock issued and outstanding, excluding 2,849,943 shares subject to possible redemption.

Warrants — Public Warrants may only be exercised for a whole number of shares. No fractional warrants will be issued upon separation of the Units and only whole warrants will trade. The Public Warrants will become exercisable on the later of (a) 30 days after the completion of a Business Combination or (b) 12 months from the closing of the Initial Public Offering. The Public Warrants will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation.

The Company will not be obligated to deliver any shares of common stock pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise unless a registration statement under the Securities Act with respect to the shares of common stock underlying the warrants is then effective and a prospectus relating thereto is current, subject to the Company satisfying its obligations with respect to registration. No warrant will be exercisable and the Company will not be obligated to issue any shares of common stock upon exercise of a warrant unless common stock issuable upon such warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of the state of residence of the registered holder of the warrants.

The Company has filed with the SEC a registration statement for the registration under the Securities Act of the shares of common stock issuable upon exercise of the warrants and has caused the same to become effective. The Company will use its best efforts to maintain a current prospectus relating to the common stock issuable upon exercise of the warrants, until the expiration of the warrants in accordance with the provisions of the warrant agreement. If a registration statement covering the shares of common stock issuable upon exercise of the warrants is not effective by the 60th business day after the closing of a Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company will have failed to maintain an effective registration statement, exercise warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act or

another exemption. If that exemption, or another exemption, is not available, holders will not be able to exercise their warrants on a cashless basis.

Once the warrants become exercisable, the Company may redeem the Public Warrants:



in whole and not in part;



at a price of $0.01 per warrant;



upon not less than 30 days’ prior written notice of redemption to each warrant holder; and



if, and only if, the last reported sale price of the common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like), for any 20 trading days within a 30 trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders

If and when the warrants become redeemable by the Company, the Company may exercise its redemption right even if the Company are unable to register or qualify the underlying securities for sale under all applicable state securities laws.

If the Company calls the Public Warrants for redemption, management will have the option to require all holders that wish to exercise the Public Warrants to do so on a “cashless basis,” as described in the warrant agreement. The exercise price and number of shares of Class A common stock issuable upon exercise of the warrants may be adjusted in certain circumstances including in the event of a stock dividend, or recapitalization, reorganization, merger or consolidation. However, the warrants will not be adjusted for issuance of Class A common stock at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the warrants. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with the respect to such warrants. Accordingly, the warrants may expire worthless.

In addition, if the Company issues additional common stock or equity-linked securities for capital raising purposes in connection with the closing of a Business Combination at an issue price or effective issue price of less than $9.20 per share of common stock (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors and, in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held by the Sponsor or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the Newly Issued Price.

The Private Placement Warrants are identical to the Public Warrants underlying the Units sold in the Initial Public Offering, except that the Private Placement Warrants and the Class A common stock issuable upon the exercise of the Private Placement Warrants will not be transferable, assignable or saleable until 30 days after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Private Placement Warrants will be exercisable on a cashless basis and be non-redeemable so long as they are held by the initial purchasers or their permitted transferees. If the Private Placement Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants.

Fair Value Measurements

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

NOTE 9 — FAIR VALUE MEASUREMENTS

The Company follows the guidance in ASC 820 for its financial assets and liabilities that are re-measured and reported at fair value at each reporting period, and non- financial assets and liabilities that are re-measured and reported at fair value at least annually.

The fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities:

Level 1: Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

Level 2: Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active.

Level 3: Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability.

The following table presents information about the Company’s assets that are measured at fair value on a recurring basis at June 30, 2021, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:



Description	Level	June 30, 2021		December 31, 2020
Assets:
Marketable securities held in Trust Account	1	$	230,011,447	$	229,967,028

Liabilities:
Warrant Liability – Public Warrants	3		118,450,000		12,880,000
Warrant Liability – Private Placement Warrants	3		69,660,000		6,900,000

The Private Placement Warrants were valued using a Modified Black-Scholes Model, which is considered to be a Level 3 fair value measurement. The Modified Black-Scholes Model uses a Black-Scholes Option Pricing Model that is modified for the probability of consummation of the Business Combination.

The Public Warrants were valued using publicly available trading price, which is considered to be a Level 1 fair value measurement. The key inputs into valuing our warrant liabilities is as follows:



	Level	June 30, 2021			December 31, 2020
Strike Price		$	11.5		$	11.5
Risk Free Rate	(a)		0.9	%		0.5	%
Expected Volatility	(b)		22.6	%		19.0	%
Terms (Years)	(c)		5.0			5.6
Probability of Acquisition	(d)	95.0%			85.0%

(a) Based on the linearly interpolated treasury rate

(b) Blended volatility based upon weighted average of time pre announcement and post announcement

(d) Based upon success of SPACs in completing business combination

The following table presents the changes in the fair value of warrant liabilities:


	Private Placement		Public		Warrant Liabilities
Fair value as of December 31, 2020	$	6,900,000	$	12,880,000	$	19,780,000
Change in valuation inputs or other assumptions		62,760,000		105,570,000		168,330,000
Fair value as of June 30, 2021	$	69,660,000	$	118,450,000	$	188,110,000

The public warrants were transferred from Level 3 to Level 1 in the fair value hierarchy.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Net Loss Per Share

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Net Loss Per Share

NOTE 10 — NET LOSS PER SHARE

Net loss per share is computed by dividing net loss by the weighted-average number of shares of common stock outstanding during the period. The Company has not considered the effect of the warrants sold in the Public Offering and Private Placement to purchase an aggregate of 17,500,000 shares in the calculation of diluted loss per share, since the exercise of the warrants are contingent upon the occurrence of future events and the inclusion of such warrants would be anti-dilutive.

The Company’s statement of operations includes a presentation of loss per share for common shares subject to possible redemption in a manner similar to the two-class method of loss per share. Net loss per common share, basic and diluted, for Common stock subject to possible redemption is calculated by dividing the proportionate share of income or loss on marketable securities held by the Trust Account, net of applicable franchise and income taxes, by the weighted average number of Common stock subject to possible redemption outstanding since original issuance.

Net loss per share, basic and diluted, for non-redeemable common stock is calculated by dividing the net loss, adjusted for income or loss on marketable securities attributable to Common stock subject to possible redemption, by the weighted average number of non-redeemable common stock outstanding for the period.

Non-redeemable common stock includes Founder Shares and non-redeemable shares of common stock as these shares do not have any redemption features. Non-redeemable common stock participates in the income or loss on marketable securities based on non-redeemable common stock shares’ proportionate interest.


	Three Months Ended June 30, 2021			Six Months Ended June 30, 2021
Common stock subject to possible redemption
Numerator: Earnings allocable to Common stock subject to possible redemption
Interest earned on marketable securities held in Trust Account	$	6,900		$	68,810
Unrealized gain on marketable securities held in Trust Account		—			9,455
Net loss allocable to shares subject to possible redemption	$	6,900		$	78,265
Denominator: Weighted Average Common stock subject to possible redemption
Basic and diluted weighted average shares outstanding		14,663,847			17,218,721
Basic and diluted net income per share	$	—		$	—

Non-Redeemable Common Stock
Numerator: Net Loss minus Net Earnings
Net loss	$	(118,139,039	)	$	(169,492,004	)
Net loss allocable to Common stock subject to possible redemption		(6,900	)		(78,265	)
Non-Redeemable Net Loss	$	(118,145,939	)	$	(169,570,269	)
Denominator: Weighted Average Non-Redeemable Common Stock
Basic and diluted weighted average shares outstanding		14,086,153			11,531,279
Basic and diluted net loss per share	$	(8.39	)	$	(14.71	)

Subsequent Events

6 Months Ended

Jun. 30, 2021

Subsequent Events [Abstract]

Subsequent Events

NOTE 11 — SUBSEQUENT EVENTS

The Merger

On July 14, 2021, Legacy Enovix, RSVAC, and Merger Sub, consummated the closing of the transactions contemplated by the Merger Agreement, following the approval at the Special Meeting on July 12, 2021. Following the consummation of the Merger on the Closing Date, Legacy Enovix changed its name to Enovix Operations Inc., and RSVAC changed its name from RSVAC to Enovix Corporation.

At the closing of the Merger, each share of common stock, par value $0.0001 per share, of Merger Sub issued and outstanding immediately prior to the closing was canceled and converted into and exchanged for one validly issued, fully paid and nonassessable share of Legacy Enovix's common stock ("Legacy Enovix Common Stock"), the surviving corporation in the Merger.

At the closing, as a result of the Merger, each option to purchase Legacy Enovix Common Stock that was outstanding immediately prior to the closing, whether vested or unvested, was converted into an option to purchase a number of shares of New Enovix's common stock ("Common Stock") (such option, an “Exchanged Option”) equal to the product (rounded down to the nearest whole number) of (x) the number of shares of Legacy Enovix Common Stock subject to such Legacy Enovix option immediately prior to the closing and (y) the Exchange Ratio, at an exercise price per share (rounded up to the nearest whole cent) equal to (1) the exercise price per share of such Legacy Enovix option immediately prior to the closing, divided by (2) the Exchange Ratio. Except as specifically provided in the Merger Agreement, following the closing, each Exchanged Option will continue to be governed by the same terms and conditions (including vesting and exercisability terms) as were applicable to the corresponding former Legacy Enovix option immediately prior to the closing.

As a result of the Merger, each warrant to purchase Legacy Enovix Common Stock that was outstanding immediately prior to the closing, whether vested or unvested, was converted into a warrant to purchase a number of shares of the New Enovix's common stock ("Common Stock") (such warrant, an “Exchanged Warrant”) equal to the product (rounded down to the nearest whole number) of (x) the number of shares of Legacy Enovix Common Stock subject to such Legacy Enovix warrant immediately prior to the closing and (y) the Exchange Ratio, at an exercise price per share (rounded up to the nearest whole cent) equal to (1) the exercise price per share of such

Legacy Enovix warrant immediately prior to the closing, divided by (2) the Exchange Ratio. Except as specifically provided in the Merger Agreement, following the closing, each Exchanged Warrant will continue to be governed by the same terms and conditions (including vesting and exercisability terms) as were applicable to the corresponding former Legacy Enovix warrant immediately prior to the closing.

In connection with the Special Meeting and the Business Combination, holders of 15 shares of RSVAC Common Stock, par value $0.0001 per share, or 0% of the shares with redemption rights, exercised their right to redeem their shares for cash at a redemption price of approximately $10.00 per share, for an aggregate redemption amount of $150.00.

Bridge Loan

On July 14, 2021, Legacy Enovix repaid the outstanding principal amount under the promissory note agreement of approximately $15,246,696, including accumulated interest of $156,696, without payment of any termination fee or penalty.

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2021
Accounting Policies [Abstract]
Unaudited Interim Condensed Financial Statements	Unaudited Interim Condensed Financial Statements The condensed balance sheet as of June 30, 2021, the condensed statements of operations and condensed statements of shareholders’ equity for the three and six months ended June 30, 2021 and the condensed statements of cash flows for the six months ended June 30, 2021 are unaudited. These accompanying unaudited condensed financial statements have been prepared pursuant to the rules and regulations of the SEC for interim financial reporting. In the opinion of management, these unaudited condensed financial statements reflect all adjustments, consisting of normal recurring items, considered necessary to present fairly the Company’s financial condition, results of operations, stockholders’ equity and cash flows for the interim periods indicated. The results of operations for the three and six months ended June 30, 2021 are not necessarily indicative of the operating results for the full year, and therefore should not be relied upon as an indicator of future results. The condensed balance sheet as of December 31, 2020 included herein was derived from the audited financial statements as of that date. The accompanying condensed financial statements and related notes should be read in conjunction with the audited financial statements for the year ended December 31, 2020, included in the RSVAC Annual Report on Form 10-K and Form 10-K/A filed with the SEC.
Use of Estimates	Use of Estimates The preparation of the financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statement, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies There have been no significant changes to the Company’s significant accounting policies in Note 3. “Summary of Significant Accounting Policies,” of the notes to the financial statements for the year ended December 31, 2020 included in the RSVAC Annual Report on Form 10-K and Form 10-K/A filed with the SEC.

Reverse Recapitalization (Tables)

6 Months Ended

Jun. 30, 2021

Business Combinations [Abstract]

Summary of Number of Shares Of Common Stock Issued in Consummation of Merger

The number of shares of common stock issued immediately following the consummation of the Merger was:


RSVAC Common Stock shares outstanding prior to the Merger		28,750,000
Less redemption of RSVAC Common Stock shares		(15	)
RSVAC Common Stock shares		28,749,985
PIPE Shares issued		12,500,000
Merger and PIPE Shares		41,249,985
Legacy Enovix Common Shares (1)		103,995,643
Total shares of common stock immediately after the Merger	145,245,628


(1)	The number of Legacy Enovix Common Shares was determined from the 563,316,738 shares of Legacy Enovix Common Stock outstanding immediately prior to the closing of the Merger converted at the exchange ratio of 0.1846. All fractional shares were rounded.

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Schedule of Assets Measured at Fair Value on Recurring Basis



Description	Level	June 30, 2021		December 31, 2020
Assets:
Marketable securities held in Trust Account	1	$	230,011,447	$	229,967,028

Liabilities:
Warrant Liability – Public Warrants	3		118,450,000		12,880,000
Warrant Liability – Private Placement Warrants	3		69,660,000		6,900,000

Schedule of Key Inputs into Valuing Warrant Liabilities

The Public Warrants were valued using publicly available trading price, which is considered to be a Level 1 fair value measurement. The key inputs into valuing our warrant liabilities is as follows:



	Level	June 30, 2021			December 31, 2020
Strike Price		$	11.5		$	11.5
Risk Free Rate	(a)		0.9	%		0.5	%
Expected Volatility	(b)		22.6	%		19.0	%
Terms (Years)	(c)		5.0			5.6
Probability of Acquisition	(d)	95.0%			85.0%

(a) Based on the linearly interpolated treasury rate

(b) Blended volatility based upon weighted average of time pre announcement and post announcement

(d) Based upon success of SPACs in completing business combination

Schedule of Changes in Fair Value of Warrant Liabilities

The following table presents the changes in the fair value of warrant liabilities:


	Private Placement		Public		Warrant Liabilities
Fair value as of December 31, 2020	$	6,900,000	$	12,880,000	$	19,780,000
Change in valuation inputs or other assumptions		62,760,000		105,570,000		168,330,000
Fair value as of June 30, 2021	$	69,660,000	$	118,450,000	$	188,110,000

Net Loss Per Share (Tables)

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Reconciliation of net loss per common share


	Three Months Ended June 30, 2021			Six Months Ended June 30, 2021
Common stock subject to possible redemption
Numerator: Earnings allocable to Common stock subject to possible redemption
Interest earned on marketable securities held in Trust Account	$	6,900		$	68,810
Unrealized gain on marketable securities held in Trust Account		—			9,455
Net loss allocable to shares subject to possible redemption	$	6,900		$	78,265
Denominator: Weighted Average Common stock subject to possible redemption
Basic and diluted weighted average shares outstanding		14,663,847			17,218,721
Basic and diluted net income per share	$	—		$	—

Non-Redeemable Common Stock
Numerator: Net Loss minus Net Earnings
Net loss	$	(118,139,039	)	$	(169,492,004	)
Net loss allocable to Common stock subject to possible redemption		(6,900	)		(78,265	)
Non-Redeemable Net Loss	$	(118,145,939	)	$	(169,570,269	)
Denominator: Weighted Average Non-Redeemable Common Stock
Basic and diluted weighted average shares outstanding		14,086,153			11,531,279
Basic and diluted net loss per share	$	(8.39	)	$	(14.71	)

Description of Organization and Business Operations - Additional Information (Details)		3 Months Ended		6 Months Ended
	Dec. 04, 2020 USD ($) $ / shares shares	Jun. 30, 2021 USD ($) $ / shares	Mar. 31, 2021 USD ($)	Jun. 30, 2021 USD ($) Business $ / shares shares	Dec. 31, 2020 $ / shares
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Condition for future business combination number of businesses minimum \| Business				1
Common stock, par value \| $ / shares		$ 0.0001		$ 0.0001	$ 0.0001
Value of shares redeemed		$ 118,139,044	$ 51,352,960
Transaction costs	$ 13,051,274
Underwriting fees	4,600,000
Deferred underwriting fee payable	8,050,000
Other offering costs	401,274
Amount allocated to warrant liability and expensed	$ 700,000
Percentage obligation to redeem Public Shares if entity does not complete a Business Combination				100.00%
Common Stock [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of eligible shares redeemed \| shares				15
Common stock, par value \| $ / shares		$ 0.0001		$ 0.0001
Percentage of redemption right				0.00%
Redemption price per share \| $ / shares				$ 10.00
Value of shares redeemed				$ 150.00
Transaction Agreement [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Share price, per unit \| $ / shares		$ 10.00		$ 10.00
Maximum allowed dissolution expenses				$ 100,000
Initial Public Offering [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of units sold \| shares	23,000,000
Share price, per unit \| $ / shares	$ 10.00
Proceeds from issuance initial public offering	$ 230,000,000
Payments for investment of cash in Trust account	$ 230,000,000
Over-Allotment Option [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of units sold \| shares	3,000,000
Share price, per unit \| $ / shares	$ 10.00
Private Placement [Member] \| Private Placement Warrants [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Sale of private placement warrants \| shares	6,000,000
Price of warrant \| $ / shares	$ 1.00
Proceeds from issuance of warrants	$ 6,000,000

Public Offering - Additional Information (Details)	Dec. 04, 2020 $ / shares shares
Initial Public Offering [Member]
Subsidiary Sale Of Stock [Line Items]
Number of units sold	23,000,000
Share price, per unit \| $ / shares	$ 10.00
Initial Public Offering [Member] \| Public Warrants [Member]
Subsidiary Sale Of Stock [Line Items]
Number of shares in a unit	1
Number of warrants in a unit	0.5
Number of shares issuable per warrant	1
Exercise price of warrants \| $ / shares	$ 11.50
Over-Allotment Option [Member]
Subsidiary Sale Of Stock [Line Items]
Number of units sold	3,000,000
Share price, per unit \| $ / shares	$ 10.00

Private Placement - Additional Information (Details) - Private Placement Warrants [Member]	Dec. 04, 2020 USD ($) $ / shares shares
Private Placement Warrants [Member]
Subsidiary Sale Of Stock [Line Items]
Sale of private placement warrants \| shares	6,000,000
Price of warrant	$ 1.00
Proceeds from issuance of warrants \| $	$ 6,000,000
Number of shares issuable per warrant \| shares	1
Exercise price of warrants	$ 11.50
Over-Allotment Option [Member]
Subsidiary Sale Of Stock [Line Items]
Price of warrant	$ 1.00

Reverse Recapitalization - Additional Information (Details)		1 Months Ended
	Jul. 14, 2021 USD ($) $ / shares shares	Jul. 31, 2021 USD ($)	Jun. 30, 2021 shares	Dec. 31, 2020 shares
Business Acquisition [Line Items]
Common stock, shares issued \| shares			25,900,057	25,900,057
Subsequent Event [Member]
Business Acquisition [Line Items]
Stockholders equity exchange ratio	0.1846
Merger and PIPE Shares \| shares	41,249,985
Merger and PIPE financing		$ 405,200,000
Cash held in trust account		230,012,116
Transaction costs		16,600,000
PIPE financing fee		$ 7,000,000
Proceeds from Pipe financing		4.00%
Subsequent Event [Member] \| PIPE Financing [Member] \| Operating Income [Member]
Business Acquisition [Line Items]
Proceeds from business combination		$ 175,000,000
Subsequent Event [Member] \| Switchback [Member] \| Subscription Agreement [Member] \| PIPE Financing [Member]
Business Acquisition [Line Items]
Number of shares issued \| shares	12,500,000
Share price \| $ / shares	$ 14.00
Aggregate purchase price	$ 175,000,000
Subsequent Event [Member] \| Common Stock [Member]
Business Acquisition [Line Items]
Business acquisition, share price \| $ / shares	$ 10.00
Common stock, shares issued \| shares	103,995,643
Common stock remain reserved for outstanding \| shares	5,547,327

Reverse Recapitalization - Summary of Number of Shares of Common Stock Issued in Consummation of Merger (Details) - Subsequent Event [Member]	Jul. 14, 2021 shares
Business Acquisition [Line Items]
RSVAC Common Stock shares outstanding prior to the Merger	28,750,000
Less redemption of RSVAC Common Stock shares	(15)
RSVAC Common Stock shares	28,749,985
Merger and PIPE Shares	41,249,985
Legacy Enovix Common Shares	103,995,643
Total shares of common stock immediately after the Merger	145,245,628
PIPE Financing [Member]
Business Acquisition [Line Items]
PIPE Shares issued	12,500,000

Reverse Recapitalization - Summary of Number of Shares of Common Stock Issued in Consummation of Merger (Parenthetical) (Details)	Jul. 14, 2021 shares	Jun. 30, 2021 shares	Dec. 31, 2020 shares
Business Acquisition [Line Items]
Common stock, shares outstanding		25,900,057	25,900,057
Subsequent Event [Member]
Business Acquisition [Line Items]
Stockholders equity exchange ratio	0.1846
Legacy Enovix Common Shares [Member] \| Subsequent Event [Member]
Business Acquisition [Line Items]
Common stock, shares outstanding	563,316,738

Related Party Transactions - Additional Information (Details) - USD ($)			1 Months Ended	6 Months Ended
	Jul. 14, 2021	Sep. 24, 2020	Sep. 24, 2020	Jun. 30, 2021	May 24, 2021	Dec. 04, 2020	Dec. 03, 2020
Mr. Hernandez [Member] \| Sponsor, Rodgers Capital LLC [Member]
Related Party Transaction [Line Items]
Aggregate number of shares owned							460,000
Mr. McCranie [Member] \| Sponsor, Rodgers Capital LLC [Member]
Related Party Transaction [Line Items]
Aggregate number of shares owned							450,000
Mr. Gomo [Member] \| Sponsor, Rodgers Capital LLC [Member]
Related Party Transaction [Line Items]
Aggregate number of shares owned							295,000
Mr. Malchow [Member] \| Sponsor, Rodgers Capital LLC [Member]
Related Party Transaction [Line Items]
Aggregate number of shares owned							262,500
Ms. Hung [Member] \| Sponsor, Rodgers Capital LLC [Member]
Related Party Transaction [Line Items]
Aggregate number of shares owned							262,500
Mr. Rodgers [Member] \| Sponsor, Rodgers Capital LLC [Member]
Related Party Transaction [Line Items]
Aggregate number of shares owned							4,020,000
Founder Shares [Member] \| Sponsor, Rodgers Capital LLC [Member] \| Class B Common Stock [Member]
Related Party Transaction [Line Items]
Number of shares issued		5,750,000
Aggregate purchase price		$ 25,000
Shares subject to forfeiture		750,000	750,000
Shares no longer subject to forfeiture						750,000
Percentage of issued and outstanding shares after the Initial Public Offering collectively held by initial stockholders			20.00%
Restrictions on transfer period of time after business combination completion				1 year
Stock price trigger to transfer, assign or sell any shares or warrants of the company, after the completion of the initial business combination				$ 14.00
Threshold trading days for transfer, assign or sale of shares or warrants, after the completion of the initial business combination				20 days
Threshold consecutive trading days for transfer, assign or sale of shares or warrants, after the completion of the initial business combination				30 days
Threshold period after the business combination in which the 20 trading days within any 30 trading day period commences				150 days
Board of Directors [Member] \| Bridge Loan [Member]
Related Party Transaction [Line Items]
Debt Instrument, Description				All unpaid interest and principal shall be due and payable upon request by the holders on or after the earlier of (i) the closing of the Merger Agreement and (ii) October 25, 2021.
Board of Directors [Member] \| Bridge Loan [Member] \| Promissory Note [Member]
Related Party Transaction [Line Items]
Debt, principal amount					$ 15,000,000
Interest rate payable monthly					7.50%
Subsequent Event [Member] \| Bridge Loan [Member]
Related Party Transaction [Line Items]
Repayment of debt	$ 15,246,696

Commitments and Contingencies - Additional Information (Details)	6 Months Ended
	Jun. 30, 2021 USD ($) Demand
Subsidiary, Sale of Stock [Line Items]
Maximum number of demands for registration of securities \| Demand	2
Initial Public Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Deferred underwriting fee payable \| $	$ 8,050,000
Percentage of underwriting fee payable of gross proceeds	3.50%

Stockholders' Equity - Additional Information (Details)	6 Months Ended
Stockholders' Equity - Additional Information (Details)	Jun. 30, 2021 d $ / shares shares	Dec. 31, 2020 $ / shares shares
Class Of Stock [Line Items]
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, par value \| $ / shares	$ 0.0001	$ 0.0001
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, shares authorized	100,000,000	100,000,000
Common stock, par value \| $ / shares	$ 0.0001	$ 0.0001
Common stock, shares issued	25,900,057	25,900,057
Common stock, shares outstanding	25,900,057	25,900,057
Common stock subject to possible redemption, shares at redemption value	2,849,943	2,849,943
Adjustment one of redemption price of stock based on market value and newly issued price	115.00%
Common Stock [Member]
Class Of Stock [Line Items]
Common stock, par value \| $ / shares	$ 0.0001
Common stock per share \| $ / shares	$ 9.20
Public Warrants [Member]
Class Of Stock [Line Items]
Warrant exercise period after completion of business combination	30 days
Warrant exercise period after completion of initial public offering	12 months
Public warrants expiration term	5 years
Public Warrants [Member] \| Initial Public Offering [Member]
Class Of Stock [Line Items]
Restrictions on transfer period of time after business combination completion	30 days
Public Warrants [Member] \| Redemption of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $18.00 [Member]
Class Of Stock [Line Items]
Warrants redemption price \| $ / shares	$ 0.01
Warrant notice of redemption period	30 days
Warrant redemption condition minimum share price \| $ / shares	$ 18.00
Threshold trading days for redemption of public warrants \| d	20
Threshold consecutive trading days for redemption of public warrants \| d	30

Fair Value Measurements - Schedule of Assets Measured at Fair Value on Recurring Basis (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Assets:
Marketable securities held in Trust Account	$ 230,011,447	$ 229,967,028
Level 1 [Member]
Assets:
Marketable securities held in Trust Account	230,011,447	229,967,028
Level 3 [Member] \| Public Warrants [Member]
Liabilities:
Warrant Liability	118,450,000	12,880,000
Level 3 [Member] \| Private Placement Warrants [Member]
Liabilities:
Warrant Liability	$ 69,660,000	$ 6,900,000

Fair Value Measurements - Schedule of Key Inputs into Valuing Warrant Liabilities (Details)

Jun. 30, 2021

Dec. 31, 2020

Strike Price [Member]

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Derivative liabilities, Measurement input

11.5

Risk Free Rate [Member]

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Derivative liabilities, Measurement input

^[1]

0.9

0.5

Expected Volatility [Member]

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Derivative liabilities, Measurement input

^[2]

22.6

19.0

Term (Years) [Member]

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Public warrants expiration term

^[3]

5 years

5 years 7 months 6 days

Probability of Acquisition [Member]

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Derivative liabilities, Measurement input

^[4]

95.0

85.0

[1]	Based on the linearly interpolated treasury rate
[2]	Blended volatility based upon weighted average of time pre announcement and post announcement
[3]	As of the measurement date until assumed expiration
[4]	Based upon success of SPACs in completing business combination

Fair Value Measurements - Schedule of Changes in Fair Value of Warrant Liabilities (Details) - Level 3 [Member]	6 Months Ended
	Jun. 30, 2021 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Warrant liabilities at beginning of period	$ 19,780,000
Change in valuation inputs or other assumptions	168,330,000
Warrant liabilities at end of period	188,110,000
Private Placement Warrants [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Warrant liabilities at beginning of period	6,900,000
Change in valuation inputs or other assumptions	62,760,000
Warrant liabilities at end of period	69,660,000
Public Warrants [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Warrant liabilities at beginning of period	12,880,000
Change in valuation inputs or other assumptions	105,570,000
Warrant liabilities at end of period	$ 118,450,000

Net Loss Per Share - Additional Information (Details)	6 Months Ended
Net Loss Per Share - Additional Information (Details)	Jun. 30, 2021 shares
Warrants [Member] \| Private Placement [Member]
Subsidiary, Sale of Stock [Line Items]
Anti-dilutive securities attributable to warrants (in shares)	17,500,000

Net Loss Per Share - Reconciliation of Net Loss per Common Share (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2021
Numerator: Earnings allocable to Common stock subject to possible redemption
Interest earned on marketable securities held in Trust Account	$ 6,900		$ 68,810
Unrealized gain on marketable securities held in Trust Account			9,455
Net loss	$ (118,139,039)	$ (51,352,965)	$ (169,492,004)
Denominator: Weighted Average Common stock
Basic and diluted weighted average shares outstanding	14,086,153		11,531,279
Basic and diluted net income (loss) per share	$ (8.39)		$ (14.71)
Common Stock Subject to Possible Redemption [Member]
Numerator: Earnings allocable to Common stock subject to possible redemption
Interest earned on marketable securities held in Trust Account	$ 6,900		$ 68,810
Unrealized gain on marketable securities held in Trust Account			9,455
Net loss	$ 6,900		$ 78,265
Denominator: Weighted Average Common stock
Basic and diluted weighted average shares outstanding	14,663,847		17,218,721
Basic and diluted net income (loss) per share	$ 0		$ 0
Non-Redeemable Common Stock [Member]
Numerator: Earnings allocable to Common stock subject to possible redemption
Net loss	$ (118,139,039)		$ (169,492,004)
Net loss allocable to Common stock subject to possible redemption	(6,900)		(78,265)
Non-Redeemable Net Loss	$ (118,145,939)		$ (169,570,269)
Denominator: Weighted Average Common stock
Basic and diluted weighted average shares outstanding	14,086,153		11,531,279
Basic and diluted net income (loss) per share	$ (8.39)		$ (14.71)

Subsequent Events - Additional Information (Details) - USD ($)		3 Months Ended		6 Months Ended
	Jul. 14, 2021	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Subsequent Event [Line Items]
Subsequent event, description	On July 14, 2021, Legacy Enovix, RSVAC, and Merger Sub, consummated the closing of the transactions contemplated by the Merger Agreement, following the approval at the Special Meeting on July 12, 2021. Following the consummation of the Merger on the Closing Date, Legacy Enovix changed its name to Enovix Operations Inc., and RSVAC changed its name from RSVAC to Enovix Corporation.
Common stock, par value		$ 0.0001		$ 0.0001	$ 0.0001
Value of shares redeemed		$ 118,139,044	$ 51,352,960
Common Stock [Member]
Subsequent Event [Line Items]
Number of eligible shares redeemed				15
Common stock, par value		$ 0.0001		$ 0.0001
Percentage of redemption right				0.00%
Redemption price per share				$ 10.00
Value of shares redeemed				$ 150.00
Subsequent Event [Member]
Subsequent Event [Line Items]
Number of eligible shares redeemed	15
Subsequent Event [Member] \| Promissory Note Agreement [Member] \| Bridge Loan [Member]
Subsequent Event [Line Items]
Principal amount of promissory note	$ 15,246,696
Accumulated interest	$ 156,696
Subsequent Event [Member] \| Common Stock [Member]
Subsequent Event [Line Items]
Number of eligible shares redeemed	15
Common stock, par value	$ 0.0001
Percentage of redemption right	0.00%
Redemption price per share	$ 10.00
Value of shares redeemed	$ 150.00