Energous Announces $2.0 Million Registered Direct Offering Priced At-The-Market under Nasdaq Rules
February 15 2024 - 7:00PM
Business Wire
Energous Corporation (“Energous” or the “Company”) (NASDAQ:
WATT), an industry leader in RF-based wireless power network
solutions, announced today that it has entered into a definitive
securities purchase agreement with a certain institutional investor
for the purchase and sale of 1,020,409 shares of the Company’s
common stock (or common stock equivalents) and warrants to purchase
up to 1,020,409 shares of common stock at an offering price of
$1.96 per share of common stock (or common stock equivalent) and
accompanying warrant in a registered direct offering priced
at-the-market under Nasdaq rules. The warrants have an exercise
price of $1.84 per share, will be immediately exercisable upon
issuance and will have a term of five years following the date of
issuance. The closing of the offering is expected to occur on or
about February 20, 2024, subject to the satisfaction of customary
closing conditions.
Roth Capital Partners is acting as the exclusive placement agent
for the offering.
The gross proceeds to the Company from this offering are
expected to be approximately $2.0 million, before deducting the
placement agent’s fees and other offering expenses payable by the
Company. The Company intends to use the net proceeds from this
offering for working capital and general corporate purposes,
research and product development efforts, potential acquisition of
complementary technologies and/or companies, regulatory activities,
and business development and support functions.
The securities in the offering described above are being offered
by the Company pursuant to a “shelf” registration statement on Form
S-3 (File No. 333-261087) previously filed with the Securities and
Exchange Commission (the “SEC”) and declared effective by the SEC
on December 16, 2021. The offering is being made only by means of a
prospectus, including a prospectus supplement, forming a part of
the effective registration statement, relating to the offering that
will be filed with the SEC. Electronic copies of the final
prospectus supplement and accompanying prospectus may be obtained,
when available, on the SEC’s website at http://www.sec.gov or by
contacting Roth Capital Partners, LLC at 888 San Clemente Drive,
Newport Beach CA 92660, by phone at (800) 678-9147.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or other jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to the registration or qualification under the securities laws of
any such state or other jurisdiction.
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 related to the offering of the securities
described herein, the closing of the offering and the use of
proceeds therefrom, statements about the future of the global
wireless charging industry and statements about our technology and
its expected functionality. 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 subsequently filed quarterly reports on Form 10-Q as well as in
other documents that may have been 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/20240215525220/en/
Energous Investor Relations Padilla IR IR@energous.com
Energous Corporate Communications SHIFT Communications
energous@shiftcomm.com
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