Akoustis™ Announces $10 Million in Gross Proceeds from Fixed Price Common Stock Offering
Charlotte, N.C., Jan. 19, 2017 (GLOBE NEWSWIRE) — – Akoustis Technologies, Inc. (OTCQB: AKTS) (“Akoustis” or the “Company”), a manufacturer of patented single-crystal BulkONE™ bulk acoustic wave (BAW) high-band RF filters for mobile and other wireless applications, announced today a closing of a private placement offering round in which it sold 1,258,996 shares of Common Stock to institutional and accredited investors at a fixed purchase price of $5.00 per share (the “Offering”), for aggregate gross proceeds of $6,294,980 before deducting expenses.
The closing announced today brings the aggregate gross proceeds of the Offering to approximately $10,000,000 before deducting expenses. The Company previously announced in December 2016 it had sold a total of 733,000 shares of Common Stock in the Offering for aggregate gross proceeds of $3,665,000 before deducting expenses.
The Offering was led by Akoustis Co-Chairman, Jerry Neal, as well as Steven Miller, the founder and former Chairman and CEO of Sawtek, Inc., which was sold to TriQuint Semiconductor in 2001. Akoustis Board and management also participated, including Co-Chairman, Art Geiss, CEO, Jeff Shealy, recently appointed VP Engineering, Rohan Houlden, and VP Operations, Mark Boomgarden.
Akoustis CEO, Jeff Shealy, commented, “I would like to thank all of the investors who participated in the Offering, including our Co-Chairmen, Jerry Neal and Art Geiss. This capital will be used to support operations and the continued development and qualification of our premium high-band BAW RF filters utilizing our patented single-crystal piezoelectric materials.”
Drexel Hamilton and Katalyst Securities are managing the Offering with Joseph Gunnar & Co., LLC and Northland Securities, Inc. acting as co-placement agents.
The offer and sale of the foregoing securities was made in a transaction not involving a public offering and have not been registered under the Securities Act of 1933, as amended (the Securities Act), or applicable state securities laws. Accordingly, the securities may not be reoffered or resold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws. As part of the transaction, the Company has agreed to file a registration statement with the Securities and Exchange Commission for purposes of registering the resale by the investors of the shares of Common Stock purchased by such investors.