Business Context and Reporting Period
This Form 8-K filing by Energous Corporation (d/b/a Energous Wireless Power Solutions) is dated February 27, 2025. The report addresses a regulatory matter concerning the continued listing of the Company's common stock (trading symbol: WATT) on the Nasdaq Capital Market.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on compliance with Nasdaq listing standards regarding the minimum bid price of the Company's common stock.
Material Changes and Listing Status
On February 27, 2025, the Company received a letter from Nasdaq granting an additional 180-day compliance period, extending until August 25, 2025, to regain compliance with the $1.00 per share minimum bid price requirement (Nasdaq Marketplace Rule 5550(a)(2)). This follows an initial notification on August 29, 2024, regarding the stock closing below $1.00 for 30 consecutive trading days. The Company met all other listing requirements, including the market value of publicly held shares, to qualify for this extension.
Outlook, Management Commentary, and Risks
To regain compliance, the Company must achieve a closing bid price of at least $1.00 per share for ten consecutive business days during the new compliance period. Management intends to monitor the stock price and may consider a reverse stock split, subject to stockholder approval, if necessary to meet the requirement by August 25, 2025. The filing explicitly states there is no assurance that the Company will be able to regain compliance or maintain its listing. Currently, the stock continues to trade on the Nasdaq Capital Market under the symbol "WATT."
Investor Verification Checklist
- Verify the current trading price of WATT relative to the $1.00 minimum bid price threshold.
- Monitor upcoming stockholder meetings for potential proposals regarding a reverse stock split.
- Track the Company's progress toward achieving ten consecutive days of closing prices at or above $1.00 before the August 25, 2025 deadline.
- Review subsequent filings for any updates on the Company's ability to maintain other Nasdaq listing requirements.