Akoustis Technologies, Inc. (NASDAQ: AKTS) (“Akoustis” or
the “Company”), an integrated device manufacturer (IDM) of patented
bulk acoustic wave (BAW) high-band RF filters for mobile and other
wireless applications, announced today the closing of its
previously announced underwritten public offering of 20,000,000
shares of its common stock at a price to the public of $0.50 per
share, including the exercise in full by the underwriter of its
option to purchase 3,000,000 additional shares of Akoustis’ common
stock, for a total offering of 23,000,000 shares of the Company’s
common stock.. Net proceeds to Akoustis, after deducting the
underwriting discount and estimated offering expenses payable by
Akoustis, were approximately $10.4 million.
Roth Capital Partners acted as sole manager for
the offering.
Akoustis intends to use the net proceeds from
the offering to fund operations and the growth of its business,
including for capital expenditures, working capital, research and
development, the commercialization of its technology, potential
strategic transactions and for other general corporate
purposes.
The offering was made pursuant to a shelf
registration statement on Form S-3 (No. 333-262540) that was
declared effective by the Securities and Exchange Commission (the
“SEC”) on February 15, 2022. A final prospectus supplement and
accompanying prospectus with respect to the offering has also been
filed with the SEC on January 29, 2024 and is available on its
website at http://www.sec.gov. Copies of the final prospectus
supplement and the accompanying prospectus may be obtained from
Roth Capital Partners, LLC, 888 San Clemente, Suite 400, Newport
Beach, CA 92660, by telephone at (800) 678-9147 or by email at
rothecm@roth.com.
This press release does not constitute an offer
to sell, or the solicitation of an offer to buy, the shares of
common stock, nor will there be any sale of the shares of common
stock in any state or other jurisdiction in which such offer,
solicitation or sale is not permitted.
About Akoustis Technologies,
Inc.
Akoustis® (http://www.akoustis.com) is a
high-tech BAW RF filter solutions company that is pioneering
next-generation materials science and MEMS wafer manufacturing to
address the market requirements for improved RF filters ‒ targeting
higher bandwidth, higher operating frequencies and higher output
power compared to legacy polycrystalline BAW technology. The
Company utilizes its proprietary and patented XBAW® manufacturing
process to produce bulk acoustic wave RF filters for mobile and
other wireless markets, which facilitate signal acquisition and
accelerate band performance between the antenna and digital back
end. Superior performance is driven by the significant advances of
poly-crystal, single-crystal, and other high purity piezoelectric
materials and the resonator-filter process technology which enables
optimal trade-offs between critical power, frequency and bandwidth
performance specifications.
Akoustis plans to service the fast growing
multi-billion-dollar RF filter market using its integrated device
manufacturer (IDM) business model. The Company owns and operates a
125,000 sq. ft. ISO-9001:2015 registered commercial
wafer-manufacturing facility located in Canandaigua, NY, which
includes a class 100 / class 1000 cleanroom facility — tooled for
150 mm diameter wafers ‒ for the design, development, fabrication
and packaging of RF filters, MEMS and other semiconductor devices.
Akoustis Technologies, Inc. is headquartered in the Piedmont
technology corridor near Charlotte, North Carolina.
Forward-Looking Statements
This document includes “forward-looking
statements” within the meaning of Section 27A of the Securities
Act, and Section 21E of the Securities Exchange Act of 1934, each
as amended, that are intended to be covered by the “safe harbor”
created by those sections. These forward-looking statements
include, but are not limited to, statements regarding the intended
use of the net proceeds of the public offering of common stock.
Forward-looking statements include all statements that are not
historical facts and typically are identified by use of terms such
as “may,” “might,” “would,” “will,” “should,” “could,” “project,”
“expect,” “plan,” “strategy,” “anticipate,” “attempt,” “develop,”
“help,” “believe,” “think,” “estimate,” “predict,” “intend,”
“forecast,” “seek,” “potential,” “possible,” “continue,” “future,”
and similar words (including the negative of any of the foregoing),
although some forward-looking statements are expressed differently.
Forward-looking statements are neither historical facts nor
assurances of future results, performance, events or circumstances.
Instead, these forward-looking statements are based on management’s
current beliefs, expectations and assumptions, and are subject to
risks and uncertainties. Factors that could cause actual results to
differ materially from those currently anticipated include, without
limitation, risks relating to general economic conditions; the fact
that the Company’s management has broad discretion in the use of
the proceeds from the sale of common stock in the offering; risks
relating to our inability to obtain adequate financing and sustain
our status as a going concern; our limited operating history; our
inability to generate revenues or achieve profitability; the
results of our research and development activities; our inability
to achieve acceptance of our products in the market; the failure of
our common stock to meet the minimum requirements for continued
listing on the Nasdaq Capital Market; the possibility that the
anticipated benefits from business acquisitions will not be
realized in full or at all or may take longer to realize than
expected; the possibility that costs or difficulties related to the
integration of acquired businesses’ operations will be greater than
expected and the possibility of disruptions to our business during
integration efforts and strain on management time and resources;
the impact of a pandemic or epidemic or a natural disaster,
including the COVID-19 pandemic, the Russian-Ukrainian and Middle
East conflicts and other sources of volatility on our operations,
financial condition and the worldwide economy, including its impact
on our ability to access the capital markets; increases in prices
for raw materials, labor, and fuel caused by rising inflation;
general economic conditions, including upturns and downturns in the
industry; shortages in supplies needed to manufacture our products,
or needed by our customers to manufacture devices incorporating our
products; our limited number of patents; failure to obtain,
maintain, and enforce our intellectual property rights; claims of
infringement, misappropriation or misuse of third party
intellectual property, including the lawsuit filed by Qorvo, Inc.
in October 2021, that, regardless of merit, has resulted in
significant expense; our inability to attract and retain qualified
personnel; our reliance on third parties to complete certain
processes in connection with the manufacture of our products;
product quality and defects; existing or increased competition; our
ability to successfully manufacture, market and sell products based
on our technologies; our ability to meet the required
specifications of customers and achieve qualification of our
products for commercial manufacturing in a timely manner; our
inability to successfully scale our New York wafer fabrication
facility and related operations while maintaining quality control
and assurance and avoiding delays in output; the rate and degree of
market acceptance of any of our products; our ability to achieve
design wins from current and future customers; contracting with
customers and other parties with greater bargaining power and
agreeing to terms and conditions that may adversely affect our
business; risks related to doing business in foreign countries,
including China; any security breaches, cyber-attacks or other
disruptions compromising our proprietary information and exposing
us to liability; our failure to innovate or adapt to new or
emerging technologies, including in relation to our competitors;
our failure to comply with regulatory requirements; results of any
arbitration or litigation that may arise; stock volatility and
illiquidity; dilution caused by any future issuance of common stock
or securities that are convertible into or exercisable for common
stock; our failure to implement our business plans or strategies;
and our ability to maintain effective internal control over
financial reporting. These and other risks and uncertainties are
described in more detail in the Risk Factors and Management’s
Discussion and Analysis of Financial Condition and Results of
Operations sections of the Company’s most recent Annual Report on
Form 10-K for the year ended June 30, 2023, and in subsequently
filed Quarterly Reports on Form 10-Q. Considering these risks,
uncertainties and assumptions, the forward-looking statements
regarding future events and circumstances discussed in this
document may not occur, and actual results could differ materially
and adversely from those anticipated or implied in the
forward-looking statements. You should not rely upon
forward-looking statements as predictions of future events. The
forward-looking statements included in this document speak only as
of the date hereof and, except as required by law, we undertake no
obligation to update publicly or privately any forward-looking
statements, whether written or oral, for any reason after the date
of this document to conform these statements to new information,
actual results or to changes in our expectations.
Contact:
COMPANY:
Kenneth Boller
Akoustis Technologies
Chief Financial Officer
(704) 274-3598
kboller@akoustis.com
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