Huntersville, April 14, 2016 (GLOBE NEWSWIRE) -- Akoustis Technologies, Inc. (AKTS) (“Akoustis” or the “Company”), a manufacturer of innovative Bulk ONE™ single crystal piezoelectric RF bulk acoustic wave (BAW) filters for mobile wireless, announced today that it held the final closing of a private offering in which it sold 1,922,185 shares of Akoustis common stock at a fixed purchase price of $1.60 per share, resulting in gross proceeds of $3,075,496 before expenses of the offering. Together with the $501,000 raised in the initial closing on March 10, 2016, the total gross proceeds of the offering before expenses were $3,576,496 for 2,235,310 shares of common stock.
The financing was led by Akoustis Co-Chairman Jerry Neal, CEO Jeff Shealy, Director Jeff McMahon, Herald Investment Management Limited and Montrose Capital Partners.
Jeff Shealy, CEO of Akoustis, commented, “The proceeds from this offering will meaningfully extend our working capital runway as we continue to advance the product development and qualification of our patented, cutting edge class of high-band RF BAW filters.”
Mr. Shealy added, “We continue on a path which we believe will soon enable us to be a disruptive, pure play supplier of high-band (4G/LTE/LTE-A) RF BAW filters - a fast growing $1.6 billion+ market.”
The shares of common stock sold in the private offering have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
Katalyst Securities LLC, member of FINRA/SIPC, and Northland Capital Markets were the co- placement agents for the best efforts private placement offering. Northland Capital Markets is the trade name for certain capital markets and investment banking activities of Northland Securities, Inc., member FINRA/SIPC.
More details of the terms of the offering can be found in the Company’s Form 8-K report filed with the Securities and Exchange Commission on March 11, 2016.
About Akoustis
Akoustis™ (http://www.akoustis.com) is a high-tech RF filter solutions company that manufactures its unique, patent-pending Bulk ONE™ technology to produce single-crystal bulk acoustic wave (BAW) filters for the mobile-wireless industry, which facilitates signal acquisition and accelerates band performance between the antenna and the back end of mobile devices. Akoustis’ “fabless” business model is capital efficient, leveraging existing manufacturing infrastructure in the semiconductor industry. Akoustis™ is located in the Piedmont technology corridor between Charlotte and Raleigh, North Carolina.
Forward-Looking Statements
Statements in this press release that are not descriptions of historical facts are forward-looking statements that are based on management’s current expectations and assumptions and are subject to risks and uncertainties. In some cases, you can identify forward-looking statements by terminology including “anticipates,” “believes,” “can,” “continue,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “predicts,” “should,” “will,” “would” or the negative of these terms or other comparable terminology. Factors that could cause actual results to differ materially from those currently anticipated include, without limitation,
- risks relating to the results of our research and development activities, including uncertainties relating to semiconductor process manufacturing;
- the early stage of our Bulk ONE™ technology presently under development;
- our need for substantial additional funds in order to continue our operations and the uncertainty of whether we will be able to obtain the funding we need;
- our ability to retain or hire key scientific, engineering or management personnel; our ability to protect our intellectual property rights that are valuable to our business, including patent and other intellectual property rights;
- our dependence on third-party manufacturers, suppliers, research organizations, testing laboratories and other potential collaborators;
- our ability to successfully market and sell our technologies;
- the size and growth of the potential markets for any of our technologies, and the rate and degree of market acceptance of any of our technologies;
- competition in our industry; and
- regulatory developments in the U.S. and foreign countries.
In light of these risks, uncertainties and assumptions, the forward-looking statements regarding future events and circumstances discussed in this press release may not occur, and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. The forward-looking statements included in this presentation speak only as of the date hereof, and, except as required by law, we undertake no obligation to update publicly or privately any forward-looking statements for any reason after the date of this presentation to conform these statements to actual results or to changes in our expectations.
THESE MATERIALS DO NOT CONSTITUTE AN OFFER TO SELL, OR THE SOLICITATION OF ANY OFFER TO BUY, ANY SECURITIES OF AKOUSTIS, INC., OR OF ANY OTHER ENTITY WHATSOEVER. ANY REPRESENTATION TO THE CONTRARY BY ANY PARTY SHOULD BE IGNORED.