Akoustis Announces Closing of Public Offering of Common Stock and Full Exercise of Underwriters’ Option to Purchase Additio...
December 17 2019 - 7:00AM
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 the closing of its previously announced
underwritten public offering of 5,520,000 shares of its common
stock at a price to the public of $6.25 per share, which included
the exercise in full by the underwriters of their option to
purchase 720,000 additional shares of Akoustis’ common stock. Net
proceeds to Akoustis, after deducting the underwriting discount and
estimated offering expenses payable by Akoustis, were approximately
$32.0 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.
Craig-Hallum Capital Group LLC acted as sole
book-running manager for the offering, and Roth Capital Partners
and Loop Capital Markets acted as co-managers for the offering.
The offering was made pursuant to a shelf
registration statement on Form S-3 (No. 333-227637) that was
declared effective by the Securities and Exchange Commission (the
“SEC”) on October 5, 2018. A final prospectus supplement and
accompanying prospectus with respect to the offering has also been
filed with the SEC and is available on its website at
http://www.sec.gov. Copies of the final prospectus supplement
and the accompanying prospectus may also be obtained 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.
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 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,” “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 market and other general economic
conditions; the fact that the Company’s management has broad
discretion in the use of the proceeds from the sale of the common
stock in the 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 final prospectus
supplement describing the terms of the offering that was 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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