Energous Corp Terminates Material Definitive Agreement
Ticker: WATT · Form: 8-K · Filed: Jun 21, 2024 · CIK: 1575793
| Field | Detail |
|---|---|
| Company | Energous Corp (WATT) |
| Form Type | 8-K |
| Filed Date | Jun 21, 2024 |
| Risk Level | medium |
| Pages | 5 |
| Reading Time | 5 min |
| Key Dollar Amounts | $0.00001, $3.45 million, $3.45 million |
| Sentiment | neutral |
Sentiment: neutral
Topics: agreement-termination, filing
TL;DR
Energous Corp just terminated a big deal. Big changes ahead?
AI Summary
Energous Corporation announced on June 20, 2024, the termination of a material definitive agreement. The company also filed financial statements and exhibits as part of this report.
Why It Matters
The termination of a material definitive agreement can significantly impact a company's strategic direction and financial outlook.
Risk Assessment
Risk Level: medium — Termination of a material definitive agreement introduces uncertainty regarding future business relationships and financial performance.
Key Players & Entities
- Energous Corporation (company) — Registrant
- June 20, 2024 (date) — Date of earliest event reported
FAQ
What was the material definitive agreement that was terminated?
The filing indicates the termination of a material definitive agreement but does not specify the details of the agreement itself.
What is the effective date of the termination?
The earliest event reported is June 20, 2024, which is also the date of the report.
Are there any financial implications mentioned due to this termination?
The filing mentions the submission of financial statements and exhibits, but does not explicitly detail the financial implications of the agreement's termination.
Was this termination a mutual decision or initiated by one party?
The filing states the termination of a material definitive agreement but does not provide information on whether it was mutual or unilateral.
Does this termination affect any ongoing business operations of Energous Corporation?
The filing does not specify the impact on ongoing business operations, only that a material definitive agreement has been terminated.
Filing Stats: 1,365 words · 5 min read · ~5 pages · Grade level 13.5 · Accepted 2024-06-21 16:42:19
Key Financial Figures
- $0.00001 — ich registered Common Stock, par value $0.00001 per share WATT The Nasdaq Stock Mar
- $3.45 million — uance and sale of up to an aggregate of $3.45 million of shares of the Company's common stock
- $3.45 million — aving an aggregate sales price of up to $3.45 million or (ii) the termination by the Company
Filing Documents
- tm2417748d1_8k.htm (8-K) — 34KB
- tm2417748d1_ex5-1.htm (EX-5.1) — 6KB
- tm2417748d1_ex10-1.htm (EX-10.1) — 230KB
- tm2417748d1_ex5-1img001.jpg (GRAPHIC) — 10KB
- 0001104659-24-073976.txt ( ) — 514KB
- watt-20240620.xsd (EX-101.SCH) — 3KB
- watt-20240620_lab.xml (EX-101.LAB) — 33KB
- watt-20240620_pre.xml (EX-101.PRE) — 22KB
- tm2417748d1_8k_htm.xml (XML) — 4KB
01. Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement. On June 21, 2024, Energous Corporation (the "Company") entered into an At The Market Offering Agreement (the "Sales Agreement") with H.C. Wainwright & Co., LLC, as sales agent (the "Agent"), pursuant to which the Company may offer and sell, from time to time in transactions that are deemed to be "at the market" offerings as defined in Rule 415 under the Securities Act of 1933, as amended (the "Securities Act") the Company's common stock, par value $0.00001 per share ("common stock"), through or to the Agent (the "ATM Offering"). The Sales Agreement, among other things, provides for the issuance and sale of up to an aggregate of $3.45 million of shares of the Company's common stock (the "Shares"). The offer and sale of the Shares will be made pursuant to the Company's Registration Statement on Form S-3 (File No. 333- 261087), which was declared effective by the Securities and Exchange Commission (the "Commission") on December 16, 2021 (the "Registration Statement"), and a prospectus, which consists of a base prospectus filed with the Registration Statement, and a prospectus supplement, dated June 21, 2024, and filed with the SEC on such date pursuant to Rule 424(b) under the Securities Act. Pursuant to the Sales Agreement, sales of the Shares, if any, may be made by any method permitted by law deemed to be an "at-the-market offering" as defined in Rule 415(a)(4) of the Securities Act, including, without limitation, sales made directly on or through the Nasdaq Capital Market or any other existing trading market in the United States for the Shares, in privately negotiated transactions at market prices prevailing at the time of sale or at prices related to such prevailing market prices and/or any other method permitted by law. If the Company and the Agent agree on any method of distribution other than sales of shares of the Company's common stock on or through the Nasdaq Capital Market or another existing tradin
02. Termination of a Material Definitive Agreement
Item 1.02. Termination of a Material Definitive Agreement. On June 20, 2024, the Company provided notice of termination of the At Market Issuance Sales Agreement, dated October 11, 2019 (as amended to date, the "Prior ATM Agreement"), that the Company had entered into with Roth Capital Partners, LLC, as sales agent. The Company entered into the Sales Agreement discussed above to replace the Prior ATM Agreement. The Company is not subject to any termination penalties related to the termination of the Prior ATM Agreement.
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 5.1 Opinion of Perkins Coie LLP, with respect to the legality of the securities being registered 10.1 At The Market Offering Agreement, dated June 21, 2024, by and between Energous Corporation and H.C. Wainwright & Co., LLC 23.1 Consent of Perkins Coie LLP (contained in Exhibit 5.1 hereto) 104 Cover Page Interactive Data File (embedded as Inline XBRL document)
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ENERGOUS CORPORATION Date: June 21, 2024 By: /s/ Mallorie Burak Name: Mallorie Burak Title: Interim Principal Executive Officer and Chief Financial Officer