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 .
For further details see:
Energous prices $3.3M offering of common stock and warrants, stock slides