Energous Corporation filed SEC Form 8-K: Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
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| Item 3.01. | Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing |
On February 27, 2025, Energous Corporation d/b/a Energous Wireless Power Solutions (the “Company”) received a letter from the Listing Qualifications Department (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) granting the Company an additional 180 calendar days, or until August 25, 2025, to regain compliance with the $1.00 per share minimum bid price requirement required for continued listing on the Nasdaq Capital Market pursuant to Nasdaq Marketplace Rule 5550(a)(2) (the “Bid Price Rule”).
As previously reported, on August 29, 2024, the Company received a notification letter from the Staff advising the Company that for 30 consecutive trading days preceding the date of the notice from Nasdaq, the bid price of the Company’s common stock had closed below the $1.00 per share minimum required for continued listing on the Nasdaq Capital Market pursuant to the Bid Price Rule. The Company was provided an initial 180 calendar days, or until February 25, 2025, to regain compliance with the Bid Price Rule. The Nasdaq determination to grant the second compliance period was based on the Company meeting the continued listing requirement for market value of publicly held shares and all other applicable requirements for initial listing on the Nasdaq Capital Market, with the exception of the minimum bid price requirement, and the Company’s written notice of its intention to cure the deficiency during the second compliance period by effecting a reverse stock split, if necessary.
To regain compliance, the bid price of the Company’s common stock must close at or above $1.00 per share for a minimum of ten consecutive business days at any time during the second 180-day compliance period. The Company intends to monitor the closing bid price of its common stock and may, if appropriate, consider implementing available options, including submitting a reverse stock split for approval by the Company’s stockholders. If a reverse stock split is approved by the stockholders of the Company, the Company’s Board of Directors will consider whether a reverse stock split is necessary and would facilitate the Company regaining compliance with the Bid Price Rule by August 25, 2025. There can be no assurance that the Company will be able to regain compliance with the Bid Price Rule or maintain compliance with the other listing requirements necessary for the Company to maintain the listing of its common stock on the Nasdaq Capital Market.
The notice from Nasdaq has no effect on the listing of the Company’s common stock at this time and the Company’s common stock will continue to trade on the Nasdaq Capital Market under the symbol “WATT”.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| ENERGOUS CORPORATION | ||
| Date: February 27, 2025 | By: | /s/ Mallorie Burak |
| Name: | Mallorie Burak | |
| Title: | Chief Executive Officer and Chief Financial Officer | |