On September 20, 2021, Energous Corporation (the “Company”) was notified by Dialog Semiconductor (UK) Limited (“Dialog”), recently acquired by Renesas Electronics Corporation, that it was terminating the Strategic Alliance Agreement between the Company and Dialog, dated November 6, 2016 (the “Alliance Agreement”). Pursuant to the terms of the Alliance Agreement, the Company had agreed to engage Dialog as the exclusive supplier of the Company’s wire-free charging technology for specified fields of use (“Licensed Products”), subject to certain exceptions. In addition, both parties had agreed on a revenue sharing arrangement and a collaboration on the commercialization of Licensed Products based on a mutually agreed upon plan. Each party agreed to retain all of its intellectual property. The Alliance Agreement had an initial term of seven years. There is a wind down period included in the Alliance Agreement which will conclude in September 2024. During the wind down period, the Alliance Agreement’s terms will continue to apply to the Company’s products that are covered by certain existing customer relationships, except that the parties’ respective exclusivity rights have terminated.