Energous Corporation Completes $40 Million At-The-Market Equity Offering
SAN JOSE, CA -- (Marketwired) -- 01/24/18 -- 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 January 12, 2018 and filed with the SEC. After deducting commissions and other estimated expenses, net proceeds to Energous were approximately $39 million. The Company intends to use the net proceeds from the offering for general corporate purposes. Raymond James & Associates, Inc. acted as sales agent for the program. The program commenced on January 12, 2018 and was completed on January 23, 2018. In total, approximately 2.2 million shares of common stock were sold at a weighted average stock price of $18.01. The Company is no longer offering shares of Common Stock under this program.
"We have successfully executed a financing program that positions Energous well to capitalize on the significant market opportunity for our FCC-certified, WattUp charging-at-a-distance technology," said Stephen R. Rizzone, President and CEO of Energous. "We chose this financing structure because it was the least dilutive, most efficient and cost-effective option that we evaluated. With a significantly strengthened balance sheet, we are now laser focused on executing the next phase of growth for Energous."
About Energous Corporation
Energous Corporation is the developer of WattUp® -- an award-winning, wire-free charging technology that will transform the way consumers and industries charge and power electronic devices at home, in the office, in the car and beyond. WattUp is a revolutionary radio frequency (RF) based charging solution that delivers intelligent, scalable power via radio bands, similar to a Wi-Fi router. WattUp differs from older wireless charging systems in that it delivers contained power, at a distance, to multiple devices -- thus resulting in a wire-free experience that saves users from having to remember to plug in their devices. 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.
Source: Energous Corporation
Released January 24, 2018