Akoustis Technologies, Inc. (Nasdaq: AKTS) (“Akoustis” or
the “Company”), an integrated device manufacturer (“IDM”) of
patented bulk acoustic wave (“BAW”) high-band radio frequency
(“RF”) filters for mobile and other wireless applications,
announced today that it has priced its underwritten public offering
of 4,800,000 shares of its common stock at a public offering price
of $6.25 per share.
Akoustis expects the gross proceeds from the
offering to be approximately $30.0 million, before deducting the
underwriting discount and other estimated offering expenses payable
by Akoustis. Net proceeds, after the underwriting discount, but
before estimated expenses of the offering payable by Akoustis, are
expected to be approximately $28.2 million.
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 and other
general corporate purposes.
Akoustis has granted the underwriters in the
offering a 30-day option to purchase up to 720,000 additional
shares of common stock solely to cover over-allotments. Akoustis
expects to close the offering, subject to market and other
conditions, on or about December 16, 2019.
Craig-Hallum Capital Group LLC is acting as sole
book-running manager for the offering, and Roth Capital Partners
and Loop Capital Markets are acting as co-managers for the
offering.
A shelf registration statement relating to the
shares of common stock to be issued in the offering was filed with
the Securities and Exchange Commission (the “SEC”) and is
effective. A preliminary prospectus supplement and accompanying
prospectus describing the terms of the offering have been filed
with the SEC and a final prospectus supplement and accompanying
prospectus with respect to the offering will be filed with the SEC.
Copies of the final prospectus supplement and the
accompanying prospectus relating to the securities being offered
may be obtained, when available, from Craig-Hallum Capital Group
LLC, 222 South Ninth Street, Suite 350, Minneapolis, Minnesota
55402, by telephone at 612-334-6300 or by email at
prospectus@chlm.com. Electronic copies of the final
prospectus supplement and accompanying prospectus will also be
available on the SEC's website at http://www.sec.gov.
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® is a high-tech BAW RF filter solutions
company that is pioneering next-generation materials science
and microelectromechanical systems (“MEMS”) wafer manufacturing to
address the market requirements for improved RF filters - targeting
higher bandwidth, higher operating frequencies and higher output
power compared to incumbent polycrystalline BAW
technology deployed today. The Company utilizes its
proprietary 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 high-purity, single-crystal and associated
piezoelectric materials and the resonator-filter process technology
which drives electro-mechanical coupling and translates to wide
filter bandwidth.
Akoustis plans to service the fast growing
multi-billion-dollar RF filter market using its IDM business
model. The Company owns and operates a 120,000 sq. ft.
ISO-9001:2015 certified 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 press release includes “forward-looking
statements” within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, 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 proposed public offering of common stock and the intended use
of the net proceeds of such public offering. Forward-looking
statements include all statements that are not historical facts and
typically are identified by use of terms such as “may,” “will,”
“should,” “could,” “expect,” “plan,” “anticipate,” “believe,”
“estimate,” “predict,” “intend,” “forecast,” “seek,” “potential,”
“continue” and similar words, although some forward-looking
statements are expressed differently. Forward-looking statements
are neither historical facts nor assurances of future performance.
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 whether
the Company will consummate the proposed offering; market and other
general economic conditions; the fact that the Company’s management
will have broad discretion in the use of the proceeds from any sale
of the common stock in the proposed offering; the results of the
Company’s research and development activities, including
uncertainties relating to semiconductor process manufacturing; the
development of the Company’s XBAW™ technology and products
presently under development and the anticipated timing of such
development; the Company’s ability to protect its intellectual
property rights that are valuable to its business, including patent
and other intellectual property rights; the Company’s ability to
successfully manufacture, market and sell products based on the
Company’s technologies; the Company’s ability to achieve
qualification of its products for commercial manufacturing in a
timely manner and the size and growth of the potential markets for
any products so qualified; the rate and degree of market acceptance
of any of the Company’s products; the Company’s ability to raise
funding to support operations and the continued development and
qualification of its products and the technologies underlying them;
and the Company’s ability to service its outstanding indebtedness.
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 and in
subsequently filed Quarterly Reports on Form 10-Q and the Risk
Factors sections of the preliminary prospectus supplement
describing the terms of the proposed offering that will be filed
with the SEC. 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, the Company undertakes 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 its
expectations.
Contact:
COMPANY:
Tom Sepenzis
Akoustis Technologies, Inc.
VP of Corporate Development & IR
(980) 689-4961
tsepenzis@akoustis.com
The Del Mar Consulting Group, Inc.
Robert B. Prag, President
858-794-9500
bprag@delmarconsulting.com
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