Energous Corp Enters Material Definitive Agreement

TL;DR

Energous Corp just signed a big deal, creating a new financial obligation. Details in the 8-K.

AI Summary

Energous Corporation entered into a material definitive agreement on October 1, 2024, which creates a direct financial obligation for the registrant. The filing also includes financial statements and exhibits related to this event.

Why It Matters

This filing indicates a significant new financial commitment or obligation for Energous Corporation, which could impact its financial standing and future operations.

Risk Assessment

Risk Level: medium — Entering into material definitive agreements and creating financial obligations can introduce new risks related to performance, repayment, or market conditions.

Key Players & Entities

• Energous Corporation (company) — Registrant
• October 1, 2024 (date) — Date of earliest event reported

FAQ

Key Financial Figures

• $0.00001 — ich registered Common Stock, par value $0.00001 per share WATT The Nasdaq Stock Mar
• $525,000 — ch provides for an initial term loan of $525,000, with the ability to receive additional
• $1.6 million — , upon request of the Company, of up to $1.6 million on the same terms of the initial term l
• $756,000 — al term loan in the aggregate amount of $756,000 shall be repaid in weekly payments of $
• $27,000 — 0 shall be repaid in weekly payments of $27,000 commencing on October 14, 2024, and sha

Filing Documents

• tm2425457d1_8k.htm (8-K) — 29KB
• tm2425457d1_ex10-1.htm (EX-10.1) — 151KB
• tm2425457d1_8kimg001.jpg (GRAPHIC) — 6KB
• 0001104659-24-105574.txt ( ) — 403KB
• watt-20241001.xsd (EX-101.SCH) — 3KB
• watt-20241001_lab.xml (EX-101.LAB) — 33KB
• watt-20241001_pre.xml (EX-101.PRE) — 22KB
• tm2425457d1_8k_htm.xml (XML) — 4KB

01. Entry into a Material Definitive Agreement

Item 1.01. Entry into a Material Definitive Agreement. Effective October 1, 2024, Energous Corporation d/b/a Energous Wireless Power Solutions (the "Company") entered into a subordinated business loan agreement (the "Loan Agreement") with Agile Capital Funding, LLC and Agile Lending, LLC (collectively, the "Lender"), which provides for an initial term loan of $525,000, with the ability to receive additional term loans, upon request of the Company, of up to $1.6 million on the same terms of the initial term loan, subject to certain conditions and adjustment of the amortization payment schedule (such loans, the "Term Loan"). Principal and interest of the initial term loan in the aggregate amount of $756,000 shall be repaid in weekly payments of $27,000 commencing on October 14, 2024, and shall be repaid on or before the maturity date of April 21, 2025 (the "Maturity Date"). The Term Loan may be prepaid prior to the Maturity Date, subject to a make-whole premium payment up to the aggregate amount of interest remaining to be paid through the Maturity Date, subject to a lesser make-whole premium payment if prepayment occurs prior to sixty calendar days after funding. The Term Loan is expressly subordinated to the Company's obligations on certain senior indebtedness of the Company as provided in the Loan Agreement. Effective only upon the occurrence and continuance of an event of default under the Loan Agreement, the Company would grant the Lender a security interest in certain collateral, excluding intellectual property, of the Company as set forth in the Loan Agreement. The Loan Agreement contains customary affirmative and negative covenants, representations and warranties, events of default and other provisions. In addition to the fixed per annum rate that is otherwise applicable under the Loan Agreement, an additional default interest rate of 5% per annum will become effective upon the occurrence and during the continuance of an event of default under the Loan Agr

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 10.1# Subordinated Business Loan Agreement, dated October 1, 2024, by and between Energous Corporation, Agile Capital Funding, LLC, and Agile Lending, LLC. 104 Cover Page Interactive Data File (embedded as Inline XBRL document) # Certain schedules and exhibits have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The Company agrees to furnish supplementally a copy of any omitted schedule or exhibit to the SEC upon request.

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: October 2, 2024 By: /s/ Mallorie Burak Name: Mallorie Burak Title: Interim Principal Executive Officer and Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR