Energous Announces Reverse Stock Split

About this update from Energous Corporation

[{"type":"text","content":" SAN JOSE, Calif.--(BUSINESS WIRE)--\nEnergous 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.\n\n\nThe 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.\n\n\nThe 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.\n\n\nAll 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.\n\n\nEquiniti 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.\n\n\nAdditional 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.\n\n\nAbout Energous Corporation\n\n\nEnergous Corporat...

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