Enovix Corp

May 2024 Cost Reduction Activity

We announced in our earnings press release on May 1, 2024 that we were accelerating plans to identify additional efficiencies and would be targeting a significant reduction of our fixed costs by the end of fiscal year 2024. As part of this plan to significantly reduce our capital needs, we have initiated the cessation of manufacturing operations at our Fab1 facility in Fremont, California and are transitioning these manufacturing operations to Penang, Malaysia. The cessation of manufacturing operations at Fab1 is expected to be completed in July 2024 and includes a workforce reduction of approximately 200 U.S. employees. We expect to record estimated pre-tax restructuring charges of approximately $33 million to $43 million. A substantial majority of these estimated restructuring charges will be non-cash. We will record these charges as they occur, and may incur additional restructuring charges, which could be significant in subsequent quarters of fiscal year 2024.

Insider Trading Arrangements

During the quarter ended March 31, 2024, none of the Company’s directors or officers (as defined in Rule 16a-1(f) under the Exchange Act)adopted orterminated any “Rule 10b5-1 trading arrangements” or “non-Rule 10b5-1 trading arrangements” (in each case, as defined in Item 408(a) of Regulation S-K).