Enovix falls after $300 mln convertible bonds sale unveil

Shares of battery maker Enovix ENVX.O down 13.5% at $7.91 in extended trading as it plans to raise capital

Silicon Valley-based firm announces private offering of $300 mln convertible bonds due 2030

Co plans to use net offering proceeds for general purposes, including to fund potential acquisitions

It also expects to use some proceeds to pay cost of capped calls, derivative transactions employed to mitigate dilution

Co has about $1.8 bln market cap

ENVX shares on Weds closed up 0.9% at $9.15, trimming YTD loss to ~16%

Of 12 analysts covering the stock, 9 rate it "strong buy" or "buy" and 3 rate "hold" and median PT is $23.50, LSEG data shows