Energous (NASDAQ:WATT) Receives Notice of Non-Compliance from Nasdaq

Energous Corporation, operating as Energous Wireless Power Solutions, recently disclosed in a Form 8-K filing with the Securities and Exchange Commission that it has received a notice of non-compliance from Nasdaq. The notice, received on December 4, 2024, highlighted that Energous Corporation was below the minimum stockholders’ equity requirement for continued listing as defined in Nasdaq Listing Rule 5550(b)(1).

The reported stockholders’ equity of $434,000 in Energous Corporation’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024, fell short of the required minimum of $2.5 million. The Company also did not meet the alternative compliance standards related to either a market value of listed securities of at least $35 million or net income from continuing operations of at least $500,000 in the most recently completed fiscal year or in two of the last three most recently completed fiscal years.

Under Nasdaq listing rules, Energous Corporation has until January 20, 2025, to submit a plan to Nasdaq to regain compliance with the Stockholders’ Equity Requirement. If the plan is accepted, Nasdaq may allow an extension of up to 180 calendar days for the Company to demonstrate compliance. Energous Corporation is currently exploring various avenues to regain compliance and intends to submit a plan within the specified timeline.

Additionally, Energous Corporation previously received a notice on August 29, 2024, for non-compliance with the $1.00 minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2). The Company has until February 25, 2025, to meet the Bid Price Rule. To address this, the Company may consider actions such as a reverse stock split to regain compliance.

These notices do not immediately impact the listing or trading of Energous Corporation’s common stock on The Nasdaq Capital Market, which will continue to trade under the symbol “WATT.” However, failure to regain compliance with Nasdaq Listing Rules could lead to delisting.

For further updates on how Energous Corporation plans to address these matters, investors will be closely monitoring the Company’s future actions and submissions to Nasdaq.

This news article is based on the information provided in Energous Corporation’s recent Form 8-K filing with the Securities and Exchange Commission dated December 4, 2024.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Energous’s 8K filing here.

Energous Company Profile

Energous Corporation provides wireless charging system solutions in the United States. The company develops WattUp wireless power networks technology that consists of semiconductor chipsets; software controls; hardware designs; and antennas that enables radio frequency-based charging for Internet of Things devices.