Akoustis Announces Discharge of Indentures Associated with Convertible Notes

• Note Holders Converted Notes into Equity, All Liens Have Been Released

Charlotte, N.C., March 08, 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 that both indentures associated with its Convertible Notes (as defined below) have been discharged and all associated liens have been released.

As previously reported, the Company provided notices of redemption to holders of the Company’s 6.5% Convertible Senior Notes due 2023 (the “October 2018 Notes”) and to holders of the Company’s 6.5% Convertible Senior Secured Notes due 2023 (the “May 2018 Notes” and, together with the October 2018 Notes, the “Convertible Notes”) under the indentures associated with the Convertible Notes. In each case, all holders of the respective Convertible Notes elected to convert their Convertible Notes into shares of the Company’s common stock prior to the applicable redemption date, in connection with which the Company issued to the holders of the Convertible Notes an aggregate of 4,983,633 shares of its common stock. Following such conversions, no indebtedness remained outstanding under either series of Convertible Notes.

Akoustis’ high frequency, high performance XBAW process and filters are experiencing growing interest as the Company entered production in multiple markets in calendar 2020, including 5G network infrastructure, high-band WiFi and phased-array radar applications.

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 significantly expand the capacity at its New York fab.

Akoustis has added 15 filters to its product catalog including a 5.6 GHz WiFi filter, a 5.2 GHz WiFi filter, a 5.5 GHz WiFi-6E filter, a 6.5 GHz WiFi 6E filter, three small cell 5G network infrastructure filters including two Band n77 filters and one Band n79 filter, a 3.8 GHz filter and five S-Band filters for defense phased-array radar applications, a 3.6 GHz filter for the CBRS 5G infrastructure market and a C-Band filter for the unmanned aircraft systems (UAS) market. The Company is also developing several new filters for the sub-7 GHz bands targeting 5G mobile device, network infrastructure, WiFi CPE and defense markets.