Why Did Energous Corporation (NASDAQ:WATT) Fall 8% Last Week?
Energous Corporation (NASDAQ: WATT) dropped 8% last week after announcing that it will hold a conference call to discuss its Q2 2021 financial results for the period ended June 30, 2021. The company recently announced the retirement of its CEO and President Stephen R. Rizzone after a leave of absence early this year because of health reasons.
Rizzone also relinquished his Board of Director’s seat. In April, the company formed the CEO’s office comprising executive officers Brian Sereda, SVP and CFO, Cesar Johnson, COO and EVP Engineering, and SVP Marketing and Business Development Neeraj Sahejpal, reporting to the company’s Board. Rizzone will continue assisting the Office of the CEO during the transition until the end of August.
Board Chairman Dan Fairfax said that Rizzone had been a dedicated company member in the last seven years, working to bring RF-based wireless charging tech to the market. The company had commenced searching for a CEO, and both external and internal candidates will be considered. So in the coming weeks, WATT is a stock to watch.
Market Reaction:
On Friday, WATT stock fell 5.20% at $2.38 with more than 1.12 million shares, compared to its average volume of 1.92 million shares. The stock has moved within a range of $2.3700 – 2.5500after opening the trade at $2.55. Over the past 52-week, the stock has been trading within a range of $1.7100 – 7.6900.
