Energous Announces Reverse Stock Split
August 15 2023 - 12:54PM
Business Wire
Energous Corporation (NASDAQ: WATT), a leading developer of
RF-based charging for wireless power networks, today announced that
its Board of Directors (the “Board”) has approved a 1-for-20
reverse stock split of the company’s common stock. The reverse
stock split will become effective at 12:01am ET on August 16, 2023
and the company’s common stock will begin trading on a
split-adjusted basis at the market open on August 16, 2023 with the
new CUSIP number 29272C202.
The company is implementing the reverse stock split to enable it
to regain compliance with the $1.00 minimum bid price requirement
for continued listing on The Nasdaq Capital Market.
The reverse stock split was approved by the company’s
stockholders at the company’s 2023 Annual Meeting, held on June 14,
2023, by a ratio not to exceed 1-for-20. As a result of the reverse
stock split, every 20 shares of the company’s common stock issued
and outstanding will be automatically reclassified into one share
of common stock. No fractional shares will be issued in connection
with the reverse split. Stockholders will be entitled to a cash
payment in lieu of any fractional shares.
All outstanding stock options, warrants, and equity incentive
plans will be proportionately affected. The exercise prices of the
outstanding stock options, warrants, and equity incentive plans
will be adjusted in accordance with their respective terms. The
reverse stock split will affect all stockholders uniformly and will
not affect any stockholder's ownership percentage of the company’s
shares, with the exception of those stockholders receiving cash in
lieu of fractional shares.
Equiniti Trust Company, LLC (“Equiniti”) is acting as the
exchange agent and transfer agent for the reverse stock split.
Equiniti will provide instructions to stockholders with physical
certificates regarding the process for exchanging their
certificates for split-adjusted shares into “book- entry form” and
receiving payment for fractional shares, if any. Those stockholders
with common stock in “street name” will receive instructions from
their brokers.
Additional information about the reverse stock split can be
found in the company’s definitive proxy statement on Schedule 14A
filed with the SEC on May 1, 2023.
About Energous Corporation
Energous Corporation (NASDAQ: WATT) has been pioneering wireless
charging over distance technology since 2012. Today, as the global
leader in wireless charging over distance, its networks are safely
and seamlessly powering its customers’ RF-based systems in a
variety of industries, including retail, industrial, healthcare and
more. Its total network solution is designed to support a variety
of applications, including inventory and asset tracking, smart
manufacturing, electronic shelf labels, IoT sensors, digital supply
chain management, inventory management, loss prevention,
patient/people tracking and sustainability initiatives. The number
of industries and applications it serves is rapidly growing as it
works to support the next generation of the IoT ecosystem.
Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of the Securities Act of 1933, as amended, the
Securities Exchange Act of 1934, as amended, and the safe-harbor
provisions of the Private Securities Litigation Reform Act of 1995.
All statements other than statements of historical fact included in
this press release are forward-looking statements. Forward-looking
statements may describe our future plans and expectations and are
based on the current beliefs, expectations and assumptions of
Energous. These statements generally use terms such as “believe,”
“expect,” “may,” “will,” “should,” “could,” “seek,” “intend,”
“plan,” “estimate,” “anticipate” or similar terms. Examples of
forward-looking statements in this release include but are not
limited to statements concerning our expectations regarding the
effect of the reverse stock split, including its impact on our
stock price and continued listing on The Nasdaq Capital Market.
Factors that could cause actual results to differ from current
expectations include: uncertain timing of necessary regulatory
approvals; timing of customer product development and market
success of customer products; our dependence on distribution
partners; and intense industry competition. We urge you to consider
those factors, and the other risks and uncertainties described in
our most recent annual report on Form 10-K as filed with the
Securities and Exchange Commission (SEC), any subsequent quarterly
reports on Form 10-Q as well as in other documents that may be
subsequently filed by Energous, from time to time, with the SEC, in
evaluating our forward-looking statements. In addition, any
forward-looking statements represent Energous’ views only as of the
date of this release and should not be relied upon as representing
its views as of any subsequent date. Energous does not assume any
obligation to update any forward-looking statements unless required
by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20230815271463/en/
Energous Investor Relations: Padilla IR
IR@energous.com
Energous Corporate Communications: SHIFT COMMUNICATIONS
energous@shiftcomm.com
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