What is an ATM offering, and why does it matter here?

An at-the-market offering allows a company to sell new shares directly into the open market over time, rather than through a fixed underwritten deal. The timing and price of those sales is at the company's discretion. Fugazi Research argues that WATT used its ATM to sell shares specifically during high-price, high-volume windows rather than during ordinary or depressed market conditions — at an average issuance price of $9.67 per share, per the 10-K for the year ended December 31, 2025.

What happened on January 13, 2026 with WATT stock?

A press release was published that day with the assistance of Griffin360, a PR firm the report describes as specializing in distilling company data into narrative. More than 5 million WATT shares traded on that date — which the report notes was more than twice the company's total shares outstanding at the time. Fugazi Research presents this as a liquidity event the company appears to have used to sell stock through the ATM. This characterization is circumstantial.

Who is Mark A. Gomes / @MoneyMarkStocks, and what does the report allege about him?

Mark A. Gomes is a stock commentator who operates under the X handle @MoneyMarkStocks and runs a YouTube channel, associated social media accounts, and a paid subscription service. Fugazi Research alleges he promoted WATT to retail investors throughout the same 83-day window in which Energous tripled its share count, and that he continued to do so after the original report's publication.

What is Griffin360, and what is its alleged role in the WATT story?

Griffin360 is a public relations firm that helped publish a WATT press release on January 13, 2026. The report describes the firm using language consistent with its own service positioning: helping amplify company data "that can be distilled into compelling storytelling." Fugazi Research presents its involvement as part of the paid promotional infrastructure around the stock during the dilution window.

What does Fugazi Research mean by a "distribution layer"?

The report uses the term to describe the network of public channels — social media, YouTube, paid subscriptions, press releases — that carry a small-cap stock's narrative to retail investors. Fugazi Research argues that for WATT, this layer functions as part of the stock's effective capital structure: the company's filings create the supply of shares, and the distribution layer generates the retail attention and participation needed to absorb them. This framing is the report's interpretive thesis, not a documented finding.

What are the key catalysts that could extend this story?

Fugazi Research points to several: continued ATM issuance while WATT trades at elevated prices; additional company PR activity similar to the January 13 release; ongoing retail promotion through @MoneyMarkStocks and associated channels; and future SEC or public filings that update WATT's share count and ATM activity.

Fugazi Research: Energous Tripled Its Share Count in 83 Days While a Promoter With a 2017 SEC Fraud Bar Was Pushing the Stock to Retail Investors

Between January 2 and March 23, 2026, Energous issued roughly 3.3 million new shares through its ATM facility – selling into volume spikes rather than price lows, at an average of $9.67 per share. On January 13 alone, more than 5 million WATT shares traded, more than twice the company's total shares outstanding at the time, the same day a Griffin360-assisted press release went out. Throughout the same window, Mark A. Gomes (@MoneyMarkStocks) was publicly promoting WATT across YouTube, social media, and a paid subscription service. A 2017 SEC administrative order found Gomes had, on at least five occasions, bought shares, published bullish recommendations, then sold his holdings within days or hours without disclosure – conduct the SEC characterized as a scheme to defraud clients, resulting in roughly $273,000 in sanctions and an industry bar. Fugazi does not allege current violations but frames the structural overlap as circumstantially significant: the company's filings create the supply, and the distribution layer generates the retail demand needed to absorb it.

Ticker: WATT (Energous Corporation)
Research Firm: Fugazi Research
Report URL: https://www.fugaziresearch.com/p/watt-part-2?ref=shortreport.fyi
Position Disclosure: The firm discloses a short position in WATT.

Thesis

Fugazi Research argues that WATT's stock price action is a product of coordinated equity issuance and retail-facing narrative distribution, not operating performance — and that the company's own filings confirm it.

Float Explosion: Between January 2 and March 23, 2026, Energous issued approximately 3.3 million new shares via its ATM offering, taking shares outstanding from 2.2 million (per the November 10, 2025 10-Q) to 5.5 million (per the March 23, 2026 10-K) — a roughly 150% float expansion in 83 days.
Selling Into Strength: The company did not use the ATM during stock price lows. Based on proceeds divided by shares issued, the average issuance price was $9.67 per share, per the 10-K for the year ended December 31, 2025.
Liquidity Event Timing: Equity was sold on high-volume trading days from January 13 to March 24, 2026, per the same 10-K. The report characterizes the timing as circumstantially consistent with the company exploiting promotional liquidity events rather than routine financing windows.
Paid PR Coincidence: The dilution period coincided with a series of paid promotions, beginning with a January 13, 2026 press release published with the help of Griffin360, a firm the report describes as specializing in distilling company data into "compelling storytelling."
Alleged Promoter Identified: The report alleges Mark A. Gomes, operating as @MoneyMarkStocks on X, actively promoted WATT throughout the same 83-day window in which Energous tripled its share count, through YouTube, social media, and a paid subscription service.
SEC Enforcement History: The 2017 SEC administrative order (In the Matter of Mark A. Gomes, Release No. 33-10414) found that Gomes, on at least five occasions between February and July 2014, bought shares, published bullish recommendations, then sold his personal holdings within days or hours without disclosure. The SEC found this constituted a "device, scheme, or artifice to defraud his clients" and that he willfully violated Section 17(a) of the Securities Act, Section 10(b) of the Exchange Act, Rule 10b-5, and Sections 206(1) and 206(2) of the Investment Advisers Act. Sanctions included a cease-and-desist, an industry bar, and approximately $273,222 in disgorgement, interest, and civil penalties.
Platform Discipline: Gomes's Seeking Alpha contributor profile — active since 2009 — carries a permanent public notice: "NOTE: This account is no longer active due to a violation of Seeking Alpha's Terms of Use." The report treats this as a separate disciplinary marker from the SEC action.
Distribution as Capital Structure: The report frames the promotional activity as structurally functional: Energous's filings create the supply of shares; the distribution layer — PR firms, social media, retail-facing narrative — generates the demand needed to absorb them. This conclusion is circumstantial and rests on the overlap of timing rather than documented coordination.

Notable Details

On January 13, 2026 — the same day a Griffin360-assisted press release went out — more than 5 million WATT shares traded. At the time, that was more than twice the company's total shares outstanding.
Gomes's SEC case was settled without admission or denial, but the order's language was unambiguous: the SEC characterized his conduct as a scheme to defraud clients, not merely a disclosure oversight.
The report's description of Gomes's content mechanics — certainty, urgency, asymmetry, authority — is based on the author's characterization of transcripts. No transcript excerpts or direct quotes from Gomes's videos or posts appear in the report itself.
Griffin360 is described in the report using the firm's own language about its services: it helps amplify company data "that can be distilled into compelling storytelling" — a phrase the report lets stand without further editorial comment.
The total sanctions against Gomes from the 2017 SEC order break down to $130,669.90 in disgorgement, $11,882.48 in prejudgment interest, and a matching $130,669.90 civil penalty — approximately $273,222 combined.

"The company produces filings, and the market trades narrative."

— Fugazi Research, WATT Part 2, "The Real Read" section, March 24, 2026

FAQs

What is Fugazi Research's thesis on WATT / Energous Corporation?

Fugazi Research argues that WATT's stock gains are driven by massive shareholder dilution and a retail-facing promotional infrastructure, not by business performance. The firm contends that Energous used elevated stock prices and high-volume trading days to sell large amounts of new shares through its ATM offering, while a promoter with a documented SEC fraud history was publicly pushing the stock to retail investors.

How much did WATT dilute shareholders, and how quickly?

Per the 10-Q filed November 10, 2025, Energous had approximately 2.2 million shares outstanding. By the time the 10-K was filed on March 23, 2026, that figure had risen to 5.5 million — an increase of roughly 3.3 million shares, or approximately 150%, in 83 days. The shares were issued through the company's at-the-market offering.

What is Mark Gomes's regulatory history?

On September 15, 2017, the SEC issued an administrative order (In the Matter of Mark A. Gomes, Release Nos. 33-10414 / 81636) finding that Gomes had acted as an unregistered investment adviser and that, on at least five occasions between February and July 2014, he bought shares, published bullish recommendations, and then sold his personal holdings within days or hours without disclosing that he was selling. The SEC characterized this as a "device, scheme, or artifice to defraud his clients" and found willful violations of Section 17(a) of the Securities Act, Section 10(b) of the Exchange Act, Rule 10b-5, and Sections 206(1) and 206(2) of the Investment Advisers Act. The matter was settled without admission or denial. Sanctions totaled approximately $273,222 in disgorgement, prejudgment interest, and civil penalties, plus a cease-and-desist order and an industry bar.

Why does the Seeking Alpha notice matter?

Gomes's Seeking Alpha contributor profile — active since 2009 — displays the message: "NOTE: This account is no longer active due to a violation of Seeking Alpha's Terms of Use." Fugazi Research notes that Seeking Alpha does not use this language for voluntary departures, and that its contributor terms require holdings disclosure and prohibit conduct inconsistent with transparent research. The report treats this as an independent disciplinary finding separate from the 2017 SEC action.

Does the report accuse Energous or Gomes of breaking the law?

The report does not allege any current violation of law by Energous or Gomes. It documents historical SEC enforcement against Gomes and presents the structural overlap between share issuance, paid PR, and retail promotion as circumstantially significant. Fugazi Research frames the past SEC record as historical context, not as proof of present misconduct.

What is Fugazi Research's position in WATT?

Fugazi Research discloses a short position in WATT, meaning the firm profits if the stock declines. Readers should weigh this conflict when evaluating the report's conclusions.

Disclaimer: This summary is not primary research and does not constitute investment advice. It is a brief overview of a detailed equity research report authored by the firm, organization, or source referenced in this article or at https://www.fugaziresearch.com/p/watt-part-2?ref=shortreport.fyi, which contains extensive evidence, regulatory filings, and analysis; readers are encouraged to review the full report there for a comprehensive understanding. The content provided in this publication is not authored or originated by us — we act solely as a distributor and do not endorse, verify, or take responsibility for the accuracy, completeness, or reliability of the information presented. This publication is for informational purposes only and should not be construed as legal, business, investment, or tax advice. Always conduct independent due diligence and consult qualified professionals before making any decisions based on the information contained herein. We disclaim all liability for any loss or damage arising from reliance on third-party content, and the views expressed are solely those of the respective source and do not necessarily reflect our own.