Energous Corporation Completes $40 Million At-The-Market Equity Offering
January 05 2021 - 6:30AM
Business Wire
Energous Corporation (NASDAQ: WATT), the developer of WattUp®, a
revolutionary wire-free, over-the-air, power-at-a-distance charging
technology, today announced it has completed an offering of shares
of its common stock, pursuant to an at-the-market equity program
described in a prospectus supplement dated Sept. 15, 2020 and filed
with the SEC. After deducting commissions and other estimated
expenses, net proceeds to Energous were approximately $38.8
million. The Company intends to use the net proceeds from the
offering for general corporate purposes. B. Riley Securities, Inc.,
Roth Capital Partners, LLC, and Ladenburg Thalmann & Co., Inc.
acted as sales agents for the program, which commenced on Sept. 30,
2020 and was completed on Dec. 23, 2020. In total, approximately
18.9 million shares of common stock were sold at a weighted average
stock price of $2.12. The Company is no longer offering shares of
Common Stock under this program.
About Energous Corporation
Energous Corporation (Nasdaq: WATT) is leading the next
generation of wireless charging – wireless charging 2.0 – with its
award-winning WattUp® technology, which supports fast, efficient
contact-based charging, as well as charging at a distance. WattUp
is a scalable, RF-based wireless charging technology that offers
substantial improvements in contact-based charging efficiency,
foreign object detection, orientation freedom and thermal
performance compared to older, coil-based charging technologies.
The technology can be designed into many different sized electronic
devices for the home and office, as well as the medical,
industrial, retail, and automotive industries, and it ensures
interoperability across products. Energous develops silicon-based
wireless power transfer (WPT) technologies and customizable
reference designs. These include innovative silicon chips,
antennas, and software, for a large variety of applications, such
as smartphones, fitness trackers, hearables, medical sensors and
more. Energous received the world’s first FCC Part 18 certification
for at-a-distance wireless charging, and the company has 230
awarded patents for its WattUp wireless charging technology
to-date. For more information, please visit Energous.com.
Safe Harbor Statement
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, that are intended to be covered by the "safe harbor"
created by those sections. Forward-looking statements, which are
based on certain assumptions and describe our future plans,
strategies and expectations, can generally be identified by the use
of forward-looking terms such as "believe," "expect," "may,"
"will," "should," "could," "seek," "intend," "plan," "estimate,"
"anticipate" or other comparable terms. All statements in this
release that are not based on historical fact are "forward-looking
statements." Examples of our forward-looking statements include,
among others, statements about our intended use of proceeds of the
recently-completed equity offering and executing on our intended
growth strategy. While we have based our forward-looking statements
in this release on our current expectations, the information on
which those expectations were based may change. Forward-looking
statements involve inherent risks and uncertainties which could
cause actual results to differ materially from those in the
forward-looking statements. Important factors that could cause our
actual results and financial condition to differ materially from
those indicated in the forward-looking statements include: our
ability to develop a commercially feasible technology; receipt of
necessary regulatory approvals; timing and amount of new revenues;
our dependence on an exclusive component provider for WattUp
technology for sales and distribution; our ability to find and
maintain development partners and licensees; market acceptance of
our technology; competition in our industry; our ability to protect
our intellectual property; and other risks and uncertainties
described in the “Risk Factors” and “Management's Discussion and
Analysis” sections of our most recent annual report on Form 10-K
and subsequent quarterly reports on Form 10-Q. We urge you to
consider those risks and uncertainties in evaluating our
forward-looking statements, and not to place undue reliance upon
such forward-looking statements, which speak only as of the date
made. Except as otherwise required by the federal securities laws,
we disclaim any obligation or undertaking to publicly release any
updates or revisions to any forward-looking statement to reflect
any change in our expectations or any change in events, conditions
or circumstances on which any that statement is based.
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version on businesswire.com: https://www.businesswire.com/news/home/20210105005339/en/
Energous Public Relations PR@energous.com
408-963-0200
Investor Relations Contact: Bishop IR Mike Bishop (415)
894-9633 IR@energous.com
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