Energous Announces $2.0 Million Registered Direct Offering Priced At-The-Market under Nasdaq Rules

Energous Corporation (“Energous” or the “Company”) (NASDAQ: WATT), an industry leader in RF-based wireless power network solutions, announced today that it has entered into a definitive securities purchase agreement with a certain institutional investor for the purchase and sale of 1,020,409 shares of the Company’s common stock (or common stock equivalents) and warrants to purchase up to 1,020,409 shares of common stock at an offering price of $1.96 per share of common stock (or common stock equivalent) and accompanying warrant in a registered direct offering priced at-the-market under Nasdaq rules. The warrants have an exercise price of $1.84 per share, will be immediately exercisable upon issuance and will have a term of five years following the date of issuance. The closing of the offering is expected to occur on or about February 20, 2024, subject to the satisfaction of customary closing conditions.

Roth Capital Partners is acting as the exclusive placement agent for the offering.

The gross proceeds to the Company from this offering are expected to be approximately $2.0 million, before deducting the placement agent’s fees and other offering expenses payable by the Company. The Company intends to use the net proceeds from this offering for working capital and general corporate purposes, research and product development efforts, potential acquisition of complementary technologies and/or companies, regulatory activities, and business development and support functions.

The securities in the offering described above are being offered by the Company pursuant to a “shelf” registration statement on Form S-3 (File No. 333-261087) previously filed with the Securities and Exchange Commission (the “SEC”) and declared effective by the SEC on December 16, 2021. The offering is being made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement, relating to the offering that will be filed with the SEC. Electronic copies of the final prospectus supplement and accompanying prospectus may be obtained, when available, on the SEC’s website at http://www.sec.gov or by contacting Roth Capital Partners, LLC at 888 San Clemente Drive, Newport Beach CA 92660, by phone at [phone].