Akoustis Announces Closing of Public Offering of Common Stock and Full Exercise of Underwriter’s Option to Purchase Additional Shares

Charlotte, N.C., Jan. 29, 2024 (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 the closing of its previously announced underwritten public offering of 20,000,000 shares of its common stock at a price to the public of $0.50 per share, including the exercise in full by the underwriter of its option to purchase 3,000,000 additional shares of Akoustis’ common stock, for a total offering of 23,000,000 shares of the Company’s common stock.. Net proceeds to Akoustis, after deducting the underwriting discount and estimated offering expenses payable by Akoustis, were approximately $10.4 million.

Roth Capital Partners acted as sole manager for the offering.

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, potential strategic transactions and for other general corporate purposes. 

The offering was made pursuant to a shelf registration statement on Form S-3 (No. 333-262540) that was declared effective by the Securities and Exchange Commission (the “SEC”) on February 15, 2022. A final prospectus supplement and accompanying prospectus with respect to the offering has also been filed with the SEC on January 29, 2024 and is available on its website at http://www.sec.gov.  Copies of the final prospectus supplement and the accompanying prospectus may be obtained from Roth Capital Partners, LLC, 888 San Clemente, Suite 400, Newport Beach, CA 92660, by telephone at [phone] or by email at [e-mail].

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 (http://www.akoustis.com) is a high-tech BAW RF filter solutions company that is pioneering next-generation materials science and MEMS wafer manufacturing to address the market requirements for improved RF filters ‒ targeting higher bandwidth, higher operating frequencies and higher output power compared to legacy polycrystalline BAW technology. The Company utilizes its proprietary and patented 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 poly-crystal, single-crystal, and other high purity piezoelectric materials and the resonator-filter process technology which enables optimal trade-offs between critical power, frequency and bandwidth performance specifications.