Form 8-K - Current report
August 23 2024 - 4:30PM
Edgar (US Regulatory)
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0001584754
0001584754
2024-08-19
2024-08-19
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
Date of Report (Date of earliest event reported):
August 19, 2024
AKOUSTIS
TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
Delaware |
|
001-38029 |
|
33-1229046 |
(State or Other Jurisdiction
of Incorporation) |
|
(Commission File
Number) |
|
(I.R.S. Employer
Identification Number) |
9805 Northcross Center Court, Suite A
Huntersville, NC 28078
(Address of principal executive offices, including
zip code)
704-997-5735
(Registrant’s telephone number, including
area code)
Not Applicable
(Former name or former address, if changed since
last report)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General
Instruction A.2. below):
| ☐ | Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section
12(b) of the Act:
Title of Each Class: |
|
Trading Symbol: |
|
Name of each exchange on which registered: |
Common Stock, $0.001 par value |
|
AKTS |
|
The Nasdaq Stock Market LLC
(Nasdaq Capital Market) |
Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the
Securities Exchange Act of 1934 (§240.b-2 of this chapter)
Emerging
Growth Company ☐
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 3.01 Notice of Delisting or Failure to
Satisfy a Continued Listing Rule or Standard; Transfer of Listing
As previously disclosed, the Listing Qualifications
Staff (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) notified Akoustis Technologies, Inc. (the “Company”)
on October 24, 2023 that the closing bid price for the Company’s common stock had fallen below $1.00 per share for 30 consecutive
trading days, and that the Company was no longer in compliance with the $1.00 Minimum Bid Price requirement set forth in Nasdaq Listing
Rule 5550(a)(2) for continued listing on The Nasdaq Capital Market (the “Bid Price Requirement”). In accordance with Nasdaq
listing rules, the Company was afforded 180 calendar days (until April 22, 2024) to regain compliance with the Bid Price Requirement (the
“Initial Compliance Period”). To regain compliance, the closing bid price of the Company’s common stock needed to meet
or exceed $1.00 per share for a minimum of ten consecutive business days during this 180-day period, all as described in more detail
in the Current Report on Form 8-K filed by the Company with the Securities and Exchange Commission on October 27, 2023. Since the Company
did not regain compliance by April 22, 2024, the Company requested, and was granted, an additional 180 calendar days to regain compliance
with Bid Price Requirement expiring October 21, 2024.
On August 19, 2024, the Company received notice
from the Staff indicating that the bid price for the Company’s common stock had closed at $0.10 or less per share for
the 10-consecutive trading day period ended August 16, 2024 and, accordingly, the Company is subject to the provisions contemplated under
Nasdaq Listing Rule 5810(c)(3)(A)(iii). As a result, the Staff determined to delist the Company’s common stock from The Nasdaq Capital
Market (the “Delisting Determination”).
The Company intends to timely request a hearing
before a Nasdaq Hearings Panel (the “Panel”) to appeal the Delisting Determination. The hearing request will automatically
stay any suspension or delisting action pending the hearing and the expiration of any compliance period granted by the Panel following
the hearing.
Notwithstanding the Company’s request for
a hearing, there can be no assurance that the Panel will grant the Company any compliance period or that the Company will ultimately regain
compliance with all applicable requirements for continued listing on The Nasdaq Capital Market. The Company is monitoring the closing
bid price of its common stock and will consider options to regain compliance with the Minimum Bid Price Requirement, including seeking
stockholder approval for the implementation of a reverse stock split of the Company’s common stock at its 2024 annual meeting of
stockholders.
Forward-Looking Statements
This Current Report on Form 8-K contains certain
forward-looking statements within the meaning of federal securities laws with respect to the Company. Forward-looking statements are predictions,
projections, and other statements about future events based on current expectations and assumptions and, as a result, are subject to risks
and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this communication,
including but not limited to: our ability to cure any deficiencies in compliance with the Bid Price Requirement or maintain compliance
with other Nasdaq Listing Rules; the Company’s plans to regain compliance with Nasdaq rules and request a hearing before the
Panel, our expectations regarding the request for a hearing with the Panel and any outcome of such hearing; our eligibility for additional
compliance periods, if necessary, in which to seek to regain compliance with the Bid Price Requirement; our ability to ultimately obtain
relief or extended periods to regain compliance from Nasdaq, if necessary, or to meet applicable Nasdaq requirements for any such relief
or extension; and risks related to the substantial costs and diversion of personnel’s attention and resources due to these matters.
Such non-compliance or a delisting from Nasdaq would materially and adversely affect our ability to raise capital and our financial condition
and business. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking
statements, and, except as required by law, the Company assumes no obligation and does not intend to update or revise these forward-looking
statements, whether as a result of new information, future events, or otherwise.
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
|
Akoustis Technologies,
Inc.
|
Date: August 23, 2024 |
By: |
/s/ Kenneth E. Boller |
|
Name: |
Kenneth E. Boller |
|
Title: |
Chief Financial Officer |
v3.24.2.u1
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Aug. 19, 2024 |
Cover [Abstract] |
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Document Type |
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Amendment Flag |
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Document Period End Date |
Aug. 19, 2024
|
Entity File Number |
001-38029
|
Entity Registrant Name |
AKOUSTIS
TECHNOLOGIES, INC.
|
Entity Central Index Key |
0001584754
|
Entity Tax Identification Number |
33-1229046
|
Entity Incorporation, State or Country Code |
DE
|
Entity Address, Address Line One |
9805 Northcross Center Court
|
Entity Address, Address Line Two |
Suite A
|
Entity Address, City or Town |
Huntersville
|
Entity Address, State or Province |
NC
|
Entity Address, Postal Zip Code |
28078
|
City Area Code |
704
|
Local Phone Number |
997-5735
|
Written Communications |
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Pre-commencement Tender Offer |
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Pre-commencement Issuer Tender Offer |
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Title of 12(b) Security |
Common Stock, $0.001 par value
|
Trading Symbol |
AKTS
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Security Exchange Name |
NASDAQ
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Entity Emerging Growth Company |
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