| Item 5.03 | Amendments to Article of Incorporation or Bylaws; Change in Fiscal Year. |
On August 15, 2023, as approved by the stockholders of Energous Corporation (the “Company”) on June 14, 2023, the Company filed a certificate of amendment (the “Certificate of Amendment”) to its Second Amended and Restated Certificate of Incorporation (the “Certificate of Incorporation”) with the Secretary of State of the State of Delaware to effect a reverse stock split of the Company’s common stock, $0.00001 par value (“Common Stock”), at a ratio of 1-for-20, effective as of August 16, 2023 (the “Reverse Stock Split”).
This summary is qualified in its entirety by reference to the Certificate of Amendment, a copy of which is attached hereto as Exhibit 3.1 and is incorporated herein by reference.
The Board of Directors of the Company has determined to set the Reverse Stock Split ratio at 1-for-20. The Reverse Stock Split will become effective at 12:01am ET on August 16, 2023, and the Common Stock will begin trading on a split-adjusted basis on August 16, 2023.
Upon the effectiveness of the Reverse Stock Split on August 16, 2023, every twenty shares of the Company’s issued and outstanding Common Stock will be automatically combined and reclassified into one issued and outstanding share of Common Stock. No fractional shares will be issued in connection with the Reverse Stock Split and stockholders will be entitled to a cash payment in lieu of any fractional shares. The Reverse Stock Split will not affect any stockholder’s ownership percentage of Common Stock (with the exception of those stockholders receiving cash in lieu of fractional shares), alter the par value of the Common Stock, or modify any voting rights or other terms of the Common Stock. In addition, a proportionate adjustment will be made to the per share exercise price and the number of shares issuable upon the exercise of all outstanding stock options and warrants to purchase shares of Common Stock and the number of shares reserved for issuance pursuant to the Company’s equity incentive plans. Immediately prior to the Reverse Stock Split, there were approximately 92,069,632 shares of Common Stock outstanding. After the reverse stock split, there will be approximately 4,603,481 shares outstanding.
At the market open on August 16, 2023, the Common Stock will continue to trade on The Nasdaq Capital Market under the symbol “WATT,” but will be assigned a new CUSIP number (29272C202) and will trade on a split-adjusted basis.
