SAN JOSE, Calif.–(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.
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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