The information below is very good news because the company has raised over $11 Million and can now fulfill their contract with Walmart...and the multiple orders from a multinational retailer for grocery distribution.
"From December 31, 2024 to January 15, 2025, the Company has sold approximately 11.8 million shares of its common stock for net proceeds of approximately $11.4 million under the ATM Program. As a result of these transactions, the Company currently has stockholders’ equity in excess of $5.0 million. Accordingly, subject to notification by The Nasdaq Stock Market (“Nasdaq”), the Company believes that it now meets the minimum stockholders’ equity requirement for continued listing as set forth in Nasdaq Listing Rule 5550(b)(1)."
Recent highlights include:
- Won an IoT Breakthrough Award for IoT Connected Retail Innovation of the Year
- Awarded a scalable, multi-phase contract with a Fortune 10 retailer
- Received multiple orders from a multinational retailer for grocery distribution
- Received full FCC certification for its Energous 2W PowerBridge transmitter
- Shipped first orders to a multinational technology company for reverse logistics
- Won a Mobile Breakthrough Award for IoT Innovation of the Year
- Engaged to develop a battery-free smart tag for global RFID leader
In addition, Energous recently completed growth funding of approximately $11.4 million, net of issuance costs and expenses, from its at-the-market offering program. This capital allows the company to execute its growth initiatives for 2025 and execute on the backlog of orders placed with the company. Energous is also conducting a non-traded convertible preferred offering to the crowd community to enable new investors to be a part of the company’s growth plan.
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