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Energous (NASDAQ:WATT) has finalized a securities purchase agreement with an institutional investor for the acquisition of 1.02M shares and warrants to purchase up to 1.02M shares at an offering price of $1.96 per share.
The expected close of this offering is set for February 20, 2024.
Gross proceeds from this offering are anticipated to reach around $2M.
The company has outlined various areas to which it intends to allocate the net proceeds, including working capital, 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 stock price experienced a substantial 17% decrease, falling to $2.12 on Friday during pre-market trading hours.
