Initial Notice of Warrant Expiration

Enovix Corporation Updates on Stock Prices and Warrants

Fremont, California, July 28, 2025 – Enovix Corporation (NASDAQ: ENVX, ENVXW), a leader in advanced silicon battery technology, has announced that its common stock prices have been above $10.50 on five trading days recently. As of today, the closing price of Enovix common stock is $15.06 per share, with warrants in the money at a strike price of $8.75 per share.

The earliest expiration date for these warrants will be August 19, 2025, and the stock has maintained a trading price over $10.50 per share. The company aims to ensure that the transaction price of its common stock stays above this threshold for 15 trading days, alongside the early expiration terms described in the warrant agreement.

Expiration Dates for Warrants

Enovix retains the right to establish different expiration dates for these warrants as outlined in the warrant agreement.

Chief Financial Officer Ryan Benton stated, “If the stock price exceeds $10.50 over 20 trading days within a 30-day period, this notification grants Enovix the option to accelerate the expiration date of the warrants. This also facilitates an orderly process for warrant holders who have not yet exercised their options by that date.”

About Enovix Corporation

Enovix is recognized for its innovation in lithium-ion battery technology, featuring a unique cell architecture that enhances energy density and safety. The company’s silicon anode batteries aim to improve various devices from wearables to electric vehicles, providing longer battery life and quicker charging. Enovix holds a robust portfolio of patents related to battery design and system integration.

No Offers or Solicitations

This press release serves only for informational purposes and does not constitute an offer to sell or solicit securities. The issuance of warrants isn’t registered under the Securities Act of 1933. Detailed terms regarding the warrants will be filed with the SEC. Investors are advised to read the prospectus supplement carefully.

Forward-looking Statements

This release contains forward-looking statements that may involve risks and uncertainties regarding future events and operational performance. Actual outcomes may differ significantly from these projections due to various factors, including operational results and potential risks discussed in Enovix’s SEC filings. Enovix is not obligated to update or modify these forward-looking statements unless required by law.