By Kailyn Rhone
Shares of Energous slumped after the company's deadline for its stock-sale agreement passed.
The company's stock fell 51%, to $1.29, in afternoon trading Tuesday. For the year, shares are down about 29%.
The San Jose, Calif., system semiconductor company had an agreement with H.C. Wainwright & Co. to sell up to $7.5 million of stock through an "at-the-market" offering, but the deal expired without meeting its target, according to a Tuesday filing with the Securities and Exchange Commission.
The plan, which started in June, allowed Energous to sell shares on the open market over time. The company was supposed to complete the sale by Dec. 30.
Write to Kailyn Rhone at kailyn.rhone@wsj.com
(END) Dow Jones Newswires
December 31, 2024 14:05 ET (19:05 GMT)
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