Enovix Corp (NASDAQ:ENVX) experienced a notable decline in its stock value on Monday, with shares dropping as much as 16% as the battery manufacturer is actively searching for a new Chief Financial Officer following the departure of Farhan Ahmad.
Fremont, California-based Enovix, which is traded under the ticker NASDAQ:ENVX, has seen a 39% decrease in its share price since the start of the year.
The announcement of Ahmad's exit and the initiation of the search for his successor come as the company navigates through the challenges of the competitive battery manufacturing sector.
Enovix has not yet named an interim CFO or provided a timeline for when they expect to fill the position.
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