Exhibit 99.1
Energous Announces $2.0 Million Registered Direct Offering
Priced At-The-Market under Nasdaq Rules
SAN JOSE, Calif. & FREMONT, Calif., February 15, 2024(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 Companys 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 agents 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 SECs 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