Energous Corp.’s initial batch charity strike an surprising obstacle this morning, as sprightly trade triggered an involuntary halt.

The Pleasanton, Calif., company, that grown record to wirelessly assign electronic gadgets, hoped to lift $24 million by a sale of 4 million shares of stock. Within mins of a initial offering, a cost rose from a $6 starting indicate to $10.79, triggering a circuit breaker that pauses trade if a batch moves some-more than 10 percent in 10 minutes.

Trading subsequently resumed.

“I consider that investors know a elemental premise, that we have a genuine record that solves a really poignant and genuine problem currently that a consumer wants solved,” pronounced Energous Chief Executive Steve Rizzone.

The company’s batch is trade on a Nasdaq underneath a pitch WATT.

The association has grown a record it calls WattUp that wirelessly transmits appetite to a stretch of adult to 15 feet. It’s able of concurrently charging adult to 4 electronic inclination — mobile phones, smartwatches, tablets, Bluetooth headsets — within that 30-foot radius. It also grown a messenger chip to concede a power-hungry tool to accept a charge.

Rizzone pronounced Energous is building anxiety designs, so manufacturers can start to incorporate it into a new era of consumer products. He pronounced he expects a initial offerings to be on arrangement during a 2015 Consumer Electronics Show in Last Vegas.

The batch deduction will means a association by this growth phase, until it starts to collect chartering revenue, Rizzone said.

article source ► http://recode.net/2014/03/28/trading-surge-causes-temporary-halt-in-energous-ipo/