Deal sells shares via MDB Capital Group with $3.6 million greenshoe
By Devika Patel
Knoxville, Tenn., March 27 - Energous Corp. priced its $24 million initial public offering of stock with a $3.6 million greenshoe, according to a prospectus filed Thursday with the Securities and Exchange Commission.
The company will sell 4 million common shares at $6.00 per share.
MDB Capital Group, LLC is the underwriter.
Settlement is expected April 1.
Proceeds will be used for product research, development, reference design development and product certifications, the protection of intellectual property, sales and marketing activities, the purchase of fixed assets, primarily computer equipment and software, and for general and administrative expenses and other general corporate purposes.
The Pleasanton, Calif.-based company is developing technology that can enable wireless charging or powering of electronic devices at a distance. It expects its shares to trade on the Nasdaq under the symbol "WATT."
Issuer: | Energous Corp.
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Issue: | Common stock
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Amount: | $24 million
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Greenshoe: | $3.6 million
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Shares: | 4 million
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Price: | $6.00
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Warrants: | No
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Underwriter: | MDB Capital Group, LLC
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Pricing date: | March 27
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Settlement date: | April 1
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Stock exchange: | Nasdaq: WATT
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