WATT - Energous prices $3.3M offering of common stock and warrants stock slides

2023-03-24 08:14:30 ET

• Energous Corporation ( NASDAQ: WATT ) has priced underwritten offering of shares at $0.40 per share and accompanying warrant, gross proceeds expected to be approximately $3.3M.
• The offering is expected to close on or about March 28, 2023.
• On closing, the company will issue 8,250,000 shares of its common stock and warrants to purchase 8,250,000 shares of its common stock.
• The six-years warrants are exercisable immediately upon issuance at $0.40 per share.
• The company intends to use the net proceeds for general corporate purposes.
• Shares slumped more than 13% in Fridays premarket hours.
• WATT is at high risk of performing badly, hence, gets a Sell rating from SA Quant rating system .

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