Akoustis Announces $35.6 Million of New Equity Financing
- New Capital Strengthens Balance Sheet with Cash Reserves for General Corporate Purposes Including Additional Capacity Expansion
- $21.5 Million Investment from Institutional Investors and $14.1 Million from Recent ATM Offerings
Charlotte, N.C., Feb. 23, 2021 (GLOBE NEWSWIRE) -- 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 it has entered into an agreement for a non-brokered registered direct offering (“RDO”) of 1,500,000 of its shares of common stock at a purchase price of $14.36 per share, for gross proceeds of approximately $21.5 million from institutional investors. The RDO is fully subscribed and is scheduled to close today.
In addition to the $21.5 million RDO, between February 4, 2021 and February 17, 2021, Akoustis sold an aggregate of 823,439 shares of its common stock at an average price of $17.16 in its at-the-market (“ATM”) offerings, resulting in aggregate gross proceeds of approximately $14.1 million.
Combined gross proceeds from the RDO and ATM offerings between February 4, 2021 and February 17, 2021 total approximately $35.6 million before deducting commissions and fees related to the offerings.
Akoustis previously announced a 500% capacity expansion at its New York fab which is expected to be completed by this June. To support the anticipated filter demand from multiple 5G handset, WiFi 6E and other customers in calendar 2022 and beyond, the Company recently elected to double its manufacturing capacity once again beyond its previously stated plan by the end of calendar 2021.
Akoustis is actively delivering volume production of its WiFi 6 tandem filter solutions, shipping multiple 5G small cell XBAW filter solutions, delivering initial designs of its new 5G mobile filter solutions to multiple customers and is now entering the market with its WiFi 6E coexistence XBAW filter solutions. Company management expects continued top-line growth moving forward and given the growing backlog of commercially available RF filter products and technology aimed at large and growing markets, it plans to once again significantly expand the capacity at its New York fab.