FREMONT, Calif., Oct. 28, 2026 (GLOBE NEWSWIRE) — E ovix Co po atio (“E ovix” o the “Compa y,” Nasdaq: ENVX), a develope a d ma ufactu e of adva ced lithium-io batte ies, today a ou ced that its Boa d of Di ecto s has decla ed a special divide d of wa a ts to holde s of the Compa y’s commo stock as of the close of busi ess o Novembe 13, 2026 (the “Reco d Date”). Stockholde s will eceive o e (1) wa a t fo eve y fou (4) sha es of commo stock held, ou ded dow to the ea est whole wa a t. I additio , holde s of the Compa y’s 3.00% Co ve tible Se io Notes due 2028 (the “2028 Notes”) a d 4.75% Co ve tible Se io Notes due 2030 (the “2030 Notes”) as of the Reco d Date will eceive wa a ts o a pass-th ough basis, as p ovided u de the applicable i de tu es, p ese vi g p opo tio ate ow e ship ac oss the Compa y’s fully-diluted sha e base.
Each wa a t will e title the holde to pu chase o e (1) sha e of commo stock at a i itial cash exe cise p ice of $3.00. Holde s may pay the exe cise p ice i cash o by delive i g the 2028 Notes at face value, subject to the te ms of the wa a t ag eeme t. The 2030 Notes may ot be delive ed to exe cise the wa a ts.
The t a sactio builds o the st o g i vesto pa ticipatio i E ovix’s 2025 wa a t divide d p og am, whe app oximately 26.5 millio wa a ts we e exe cised followi g ea ly expi atio , ge e ati g app oximately $232.1 millio i g oss p oceeds. All of those wa a ts have ow bee exe cised o expi ed. The ew p o ata dist ibutio is desig ed to give existi g stockholde s the oppo tu ity to mai tai thei p opo tio ate ow e ship o a fully-diluted basis. Because eve y stockholde eceives wa a ts at the same o e-fo -fou atio, a stockholde who exe cises all of his o he wa a ts would ow the same pe ce tage of E ovix afte the dist ibutio as befo e it, assumi g all othe wa a ts a e also exe cised. To illust ate, a stockholde who ow s 40,000 sha es would eceive 10,000 wa a ts at o cost a d, upo exe cise, would hold 50,000 sha es.
This divide d also allows the wa a ts to be exe cised by delive i g 2028 Notes at face value, which alig s with the stockholde oppo tu ity to c eate a st o ge bala ce sheet fo the Compa y. Exe cises usi g 2028 Notes would eti e the su e de ed p i cipal a d educe the Compa y’s futu e i te est obligatio s without equi i g E ovix to use cash to epay that p i cipal. Cash exe cises would also p ovide additio al liquidity fo ge e al co po ate pu poses, i cludi g a ew sou ce of fu di g fo i c easi g the Compa y’s Ko ea d o e batte y ma ufactu i g capacity without d awi g o existi g cash.
Sepa ately, the Compa y has epu chased $100 millio agg egate p i cipal amou t of the Compa y’s 2030 Notes fo app oximately $63.1 millio , ep ese ti g a app oximately 37% discou t to pa , as pa t of its o goi g effo ts to st e gthe its capital st uctu e. This buyback also i c eased the Compa y’s et cash (cash–debt) positio by app oximately $36.9 millio .
“Ou pla is to tu ou cu e t custome oppo tu ities i to eve ue a d to simulta eously educe ou cost st uctu e. A st o ge bala ce sheet makes both easie ,” said Rya Be to , I te im CEO. “We have just eti ed $100 millio of ou 2030 Notes at oughly $37 millio below pa that will c eate a equivale t be efit to p ofit befo e tax. Today’s wa a t divide d exte ds that wo k to the 2028 Notes by eti i g that debt without spe di g cash. Stockholde s a d holde s of the 2028 Notes a d 2030 Notes will eceive a o-cost, t adable wa a t a d be give the choice to exe cise, hold o sell it.”
T.J. Rodge s, Executive Chai ma , added, “As I w ote to sha eholde s last yea , the fi st poi t about a wa a t divide d is cou te i tuitive: it is o -dilutive, because it is eut al to pe ce t ow e ship. Eve y sha eholde gets the same o e-fo -fou deal. The o-cost wa a ts t ade o Nasdaq, so eve y holde has a simple choice to make – sell, hold, o exe cise them. This offe i g adds o e ew featu e to the 2026 wa a t divide d. A holde of ou 2028 Notes ca pay the exe cise p ice with those otes at face value, so eve y wa a t exe cised with 2028 Notes eti es debt dolla -fo -dolla without E ovix spe di g a dolla of cash. Ou 2025 o e-se te ce summa y still holds: a wa a t divide d ewa ds sha eholde s di ectly fo suppo ti g us.”
O Octobe 12, 2026, E ovix epo ted p elimi a y, u audited Q3’26 eve ue of $11.0 millio , up 38% f om Q3’25 a d above its guida ce of $9 millio to $10 millio – the Compa y’s sixth co secutive qua te of yea -ove -yea eve ue g owth. D o e a d defe se custome s accou ted fo app oximately 70% of Q3’26 eve ue, a d the Compa y’s d o e, defe se a d i dust ial pipeli e g ew 18% to app oximately $216 millio , with the d o e pipeli e alo e up 48% to app oximately $150 millio .
As p eviously a ou ced, pu chase o de s eceived i the fi st pa t of Q4’26 exceeded the Compa y’s total Q3’26 eve ue, which i cludes a i itial pu chase o de fo 100,000 batte y u its f om a multi atio al p ovide of dual-use d o e systems, with delive ies scheduled i the fi st half of 2027. Followi g successful i itial deployme t, follow-o o de s a e expected i the seco d half of 2027 a d beyo d. E ovix is also i vesti g $19 millio to double its i -house d o e batte y p oductio capacity of its milita y-qualified, TAA-complia t pla t i South Ko ea to meet dema d f om U.S. a d allied defe se p og ams fo o -Chi ese batte ies.
The Compa y will epo t full Q3’26 esults, i cludi g i itial p og ess u de its cost eductio pla , o Novembe 12, 2026.
The Compa y expects to dist ibute the wa a ts o o about Novembe 18, 2026 (the “Dist ibutio Date”). The wa a ts will be issued at o cost a d without a y actio equi ed by eligible ecipie ts to eceive them.
Stockholde s of eco d will eceive o e (1) wa a t fo eve y fou (4) sha es of commo stock held as of the Reco d Date. F actio al wa a ts will ot be issued. Fo example, a stockholde holdi g 1,001 sha es would eceive 250 wa a ts.
Holde s of the 2028 Notes a d 2030 Notes will also eceive wa a ts o a pass-th ough, as-co ve ted basis, i acco da ce with the applicable i de tu es. As a example, holde s of each $1,000 face amou t of 2028 Notes will eceive app oximately 16 wa a ts, a d holde s of each $1,000 face amou t of 2030 Notes will eceive app oximately 22 wa a ts, i each case afte ou di g dow to the ea est whole umbe fo a y f actio al wa a t i acco da ce with the wa a t ag eeme t. O ly the 2028 Notes may be delive ed to exe cise the wa a ts.
Followi g the Dist ibutio Date, the wa a ts a e expected to be listed a d t ade sepa ately f om the Compa y’s commo stock o Nasdaq u de the symbol ENVXW, subject to applicable app ovals. Recipie ts may hold, sell o exe cise thei wa a ts i depe de tly of whethe they co ti ue to ow the commo sha es o which the dist ibutio was based.
The wa a ts will expi e at 5:00 p.m. New Yo k City time o Ap il 28, 2028, subject to ea ly expi atio as desc ibed below a d a y exte sio p ovided i the wa a t ag eeme t.
The “Ea ly Expi atio P ice Co ditio ” will be satisfied if the daily volume-weighted ave age p ice of E ovix commo stock equals o exceeds 110% of the the -applicable cash exe cise p ice, i itially $3.30, o twe ty (20) t adi g days withi a y thi ty (30) co secutive t adi g-day pe iod followi g issua ce. The qualifyi g t adi g days eed ot be co secutive.
If this co ditio is met, the wa a ts will expi e at 5:00 p.m. New Yo k City time o the busi ess day immediately followi g the fi al qualifyi g t adi g day, o a late date selected by the Compa y i acco da ce with the wa a t ag eeme t. E ovix will a ou ce the applicable expi atio date by p ess elease. Wa a ts that a e ot exe cised befo e the applicable expi atio deadli e will expi e without value. Wa a t holde s the efo e have a choice to make betwee two alte atives befo e expi atio : 1) sell the wa a ts o Nasdaq, o 2) exe cise them, fo cash o 2028 Notes, to eceive ew sha es of commo stock. Because the Ea ly Expi atio P ice Co ditio could sho te the exe cise wi dow substa tially, holde s a d thei b oke s should develop a pla ow athe tha wait fo the scheduled expi atio date.
Begi i g o the Dist ibutio Date, wa a t holde s may exe cise thei wa a ts by payi g the exe cise p ice i cash o delive i g 2028 Notes i acco da ce with the wa a t ag eeme t. The Compa y may, i its disc etio , desig ate, u desig ate o edesig ate debt secu ities as eligible fo exe cise i acco da ce with the wa a t ag eeme t.
Fo wa a t exe cises usi g 2028 Notes, each $1,000 p i cipal amou t of 2028 Notes will be c edited as $1,000 towa d the agg egate exe cise p ice of the wa a ts, ega dless of the otes’ ma ket p ice. A $1,000 p i cipal amou t would satisfy the exe cise p ice fo 333 wa a ts, ep ese ti g 333 sha es of commo stock, subject to the fi al exe cise p ocedu es a d pe mitted de omi atio s. Note exe cises will be calculated usi g this fixed atio, athe tha by dividi g the p i cipal amou t delive ed by the cash exe cise p ice, subject to adjustme ts p ovided i the wa a t ag eeme t.
2028 Notes su e de ed upo exe cise will be ca celled, educi g the Compa y’s outsta di g debt a d the associated futu e i te est obligatio s. E ovix will eceive cash p oceeds o ly to the exte t wa a ts a e exe cised fo cash. The amou t of debt eti ed a d cash aised will depe d o the umbe of wa a ts exe cised a d the payme t method selected by holde s.
B. Dyso Capital Adviso s is se vi g as exclusive adviso to the Compa y o the st uctu i g a d dist ibutio of the wa a ts.
The wa a t ag eeme t, p ospectus suppleme t a d ou othe fili gs will desc ibe the complete te ms, i cludi g exe cise p ocedu es, adjustme ts to the wa a ts, a y exe cise suspe sio p ovisio s a d the co ditio s gove i g ea ly expi atio . These docume ts a e expected to be filed with the U.S. Secu ities a d Excha ge Commissio (“SEC”) o o befo e the Dist ibutio Date.
A F eque tly Asked Questio s docume t ega di g the wa a t dist ibutio will be available o the I vesto Relatio s sectio of E ovix’s website at https://i .e ovix.com.
E ovix will host a live video webcast to update i vesto s a d a alysts at 1:00 p.m. ET o Thu sday, Novembe 12, 2026, du i g which T.J. Rodge s, E ovix Executive Chai ma , Rya Be to , I te im Chief Executive Office , Chief Reve ue Office a d Ge e al Ma age Steve Bakos, a d Chief Ope ati g Office Michael Vyvoda will discuss thi d qua te 2026 esults, p ovide a busi ess update a d discuss the wa a t dist ibutio . Registe fo the webcast he e o o the Eve ts page of the I vesto Relatio s website: https://i .e ovix.com/ ews-eve ts/i vesto -cale da . I vesto s may submit questio s o the egist atio page that they would like add essed o the call by E ovix ma ageme t.
E ovix develops a d ma ufactu es adva ced lithium-io batte ies, i cludi g p op ieta y silico -a ode a chitectu es fo sma tpho es, sma t eyewea , defe se, i dust ial a d eme gi g edge-AI applicatio s. Its p op ieta y silico -a ode batte y a chitectu e e ables highe e e gy de sity a d pe fo ma ce i space-co st ai ed devices while mai tai i g safety a d eliability, suppo ti g comme cializatio ac oss co sume a d i dust ial ma kets.
E ovix is headqua te ed i Silico Valley with facilities i I dia, South Ko ea a d Malaysia, se vi g custome s globally. Fo mo e i fo matio visit https://e ovix.com a d follow us o Li kedI .
This p ess elease is fo i fo matio al pu poses o ly a d shall ot co stitute a offe to sell o the solicitatio of a offe to buy a y secu ities, o shall the e be a y sale of these secu ities i a y state o ju isdictio i which such offe , solicitatio o sale would be u lawful p io to egist atio o qualificatio u de the secu ities laws of a y such state o ju isdictio .
The issua ce of the wa a ts has ot bee egiste ed u de the Secu ities Act of 1933, as ame ded (the “Secu ities Act”), as the dist ibutio of a wa a t fo o co side atio does ot co stitute a sale of a secu ity u de Sectio 2(a)(3) of the Secu ities Act. A egist atio stateme t o Fo m 8-A desc ibi g the te ms of the wa a ts, a d a egist atio stateme t o Fo m S-3 a d p ospectus suppleme t elati g to the issua ce of sha es of commo stock upo exe cise of the wa a ts, will be filed with the SEC, a d will be available o the SEC’s website at http://www.sec.gov. Holde s should ead these mate ials ca efully, i cludi g the Risk Facto s sectio i cluded a d i co po ated by efe e ce the ei . This p ess elease co tai s a ge e al summa y of the wa a ts. Please ead the wa a t ag eeme t whe it becomes available as it will co tai impo ta t i fo matio about the te ms of the wa a ts.
This p ess elease co tai s fo wa d-looki g stateme ts withi the mea i g of the P ivate Secu ities Litigatio Refo m Act of 1995. Fo wa d-looki g stateme ts elate to futu e eve ts o ou futu e fi a cial o ope ati g pe fo ma ce a d a e ide tified by wo ds such as a ticipate, believe, could, estimate, expect, i te d, may, might, pla , possible, pote tial, p edict, p oject, should, will, would a d simila exp essio s. Fo wa d-looki g stateme ts i this p ess elease i clude, but a e ot limited to, stateme ts ega di g: the expected timi g a d completio of the wa a t dist ibutio , i cludi g the Reco d Date a d Dist ibutio Date; the te ms of the wa a ts, i cludi g the exe cise p ice, the ability to exe cise wa a ts usi g cash o 2028 Notes, the scheduled expi atio date a d the Ea ly Expi atio P ice Co ditio ; the expected listi g of the wa a ts o Nasdaq a d the existe ce of a t adi g ma ket fo the wa a ts; the umbe of wa a ts that may be exe cised a d the payme t method holde s may select; the amou t of cash p oceeds we may eceive a d the amou t of debt we may eti e as a esult of wa a t exe cises, a d the a ticipated be efits to ou bala ce sheet, i te est obligatio s a d liquidity; ou i te ded use of a y cash p oceeds; the expected effect of the dist ibutio o stockholde s’ p opo tio al ow e ship; the expected timi g of ou thi d qua te 2026 fi a cial esults a d elated co fe e ce call; ou p elimi a y, u audited thi d qua te 2026 eve ue a d custome pipeli e; the a ou ced d o e batte y pu chase o de , i cludi g the qua tity a d timi g of delive ies a d ou expectatio of follow-o o de s; the co ve sio of pipeli e oppo tu ities i to pu chase o de s; the timi g a d be efits of ou pla ed capacity expa sio i South Ko ea; a d ou pla s to educe ou cost st uctu e a d imp ove p ofitability. These stateme ts a e based o the cu e t expectatio s of ou ma ageme t, a e ot p edictio s of actual pe fo ma ce, a d actual esults may diffe mate ially f om the futu e esults, pe fo ma ce o achieveme ts exp essed o implied by the fo wa d-looki g stateme ts.
Risks, u ce tai ties a d assumptio s that could cause actual esults to diffe mate ially f om the esults a d eve ts a ticipated by such fo wa d-looki g stateme ts i clude, but a e ot limited to: the possibility that the wa a t dist ibutio is delayed, modified o ot completed; the possibility that few o o wa a ts a e exe cised, o that holde s elect to exe cise wa a ts p ima ily fo cash o p ima ily with 2028 Notes (o the possibility that holde s of 2028 Notes do ot exe cise wa a ts by delive i g 2028 Notes), such that the cash p oceeds eceived o the debt eti ed diffe mate ially f om ou expectatio s; the possibility that the wa a ts a e ot app oved fo listi g o Nasdaq o that a active t adi g ma ket fo the wa a ts does ot develop; the possibility that the wa a ts expi e without value, i cludi g because holde s a e u able to complete a exe cise befo e a y accele ated expi atio deadli e; volatility i the t adi g p ice of ou commo stock a d the wa a ts, i cludi g the possibility that the Ea ly Expi atio P ice Co ditio is satisfied ea lie o late tha a ticipated o ot at all; the possibility that ou fi al thi d qua te 2026 esults diffe f om the p elimi a y esults efe e ced i this elease as a esult of the completio of ou qua te -e d closi g p ocedu es, eview by ou i depe de t egiste ed public accou ti g fi m o othe developme ts; the possibility that the pu chase o de is modified, delayed, educed o ca celled, that delive ies do ot occu o the expected schedule o that the custome does ot place follow-o o de s; the possibility that othe oppo tu ities i ou sales pipeli e do ot co ve t i to pu chase o de s, o co ve t late o i smalle amou ts tha we expect; ou ability to satisfy applicable gove me t sou ci g, egulato y a d ce tificatio equi eme ts, i cludi g TAA a d NDAA equi eme ts; ou ability to successfully develop, ma ufactu e a d comme cialize ou batte y p oducts a d t a sitio to high-volume p oductio ; ou ability to scale ma ufactu i g ope atio s a d achieve expected p oductio capacity a d yields; the level a d timi g of custome dema d, qualificatio a d adoptio of ou p oducts ac oss e d ma kets; le gthy a d u p edictable custome qualificatio a d sales cycles, pa ticula ly i defe se a d othe egulated ma kets; ou histo y of losses a d expectatio of co ti ued losses; liquidity co st ai ts, capital availability a d ou ability to se vice existi g debt; i te se competitio a d ou ability to keep up with apid tech ological cha ge i the batte y i dust y; ou ability to att act a d etai qualified pe so el; the outcome of litigatio , egulato y i vestigatio s a d othe legal matte s; cha ges i tax laws o egulatio s; cha ges i the political, eco omic o egulato y e vi o me t ge e ally a d i the ma kets i which we ope ate; a d othe isks desc ibed i the disclosu es co tai ed i ou fili gs with the SEC, i cludi g i the “Risk Facto s” a d “Ma ageme t’s Discussio a d A alysis of Fi a cial Co ditio a d Results of Ope atio s” sectio s of ou a ual epo t o Fo m 10-K a d qua te ly epo ts o Fo m 10-Q, a d othe docume ts that we have filed, o will file, with the SEC. These docume ts a e available i the SEC Fili gs sectio of the I vesto Relatio s page at https://i .e ovix.com a d at www.sec.gov. It is ot possible fo us to p edict all isks, o ca we assess the impact of all facto s o ou busi ess o the exte t to which a y facto , o combi atio of facto s, may cause actual esults to diffe mate ially f om those co tai ed i a y fo wa d-looki g stateme ts we may make. Acco di gly, you should ot ely o a y of the fo wa d-looki g stateme ts. A y fo wa d-looki g stateme ts i this p ess elease speak o ly as of the date o which they a e made. We u de take o obligatio to update o evise a y fo wa d-looki g stateme ts, whethe as a esult of ew i fo matio , futu e eve ts o othe wise.
The p elimi a y thi d qua te 2026 fi a cial esults a d custome pipeli e i fo matio efe e ced i this elease a e u audited, a e based o ma ageme t’s estimates as of Octobe 12, 2026 a d a e subject to cha ge upo completio of the Compa y’s fi a cial closi g p ocedu es a d eview. The Compa y’s i depe de t egiste ed public accou ti g fi m has ot audited, eviewed, compiled o pe fo med a y p ocedu es with espect to this p elimi a y i fo matio a d does ot exp ess a opi io o a y othe fo m of assu a ce with espect to it. Fu the i fo matio co ce i g, a d isks elati g to, ou p elimi a y thi d qua te 2026 fi a cial esults a e i cluded i ou Octobe 12, 2026 p ess elease. The Compa y u de takes o obligatio to update this p elimi a y i fo matio othe tha as equi ed by law.
We may efe i this p ess elease a d othe commu icatio s to ou “custome pipeli e” a d “desig wi s.” Ou custome pipeli e ep ese ts ou estimate of the peak a ual p oductio value of ide tified desig oppo tu ities fo p oducts ma ufactu ed i South Ko ea. A “desig wi ” efe s to a oppo tu ity that has bee awa ded to E ovix but has ot yet e te ed p oductio . Custome pipeli e a d desig wi amou ts do ot ep ese t custome o de s, backlog o committed eve ue a d should ot be viewed as fo ecasts of futu e eve ue. Actual eve ue, if a y, will depe d o a umbe of facto s, i cludi g custome qualificatio , fi al p og am awa ds, p oductio timi g, capacity a d volumes, a d the successful lau ch a d amp of custome p og ams. These measu es a e fo wa d-looki g a d a e subject to the isks a d u ce tai ties desc ibed above u de “Fo wa d-Looki g Stateme ts.”
Sou ce: E ovix Co po atio
