Charlotte, N.C., Oct. 19, 2018 (GLOBE NEWSWIRE) -- Akoustis Technologies, Inc. (NASDAQ: AKTS), a manufacturer of patented bulk acoustic wave high-band RF filters for mobile and other wireless applications, today announced that it has priced its underwritten offerings of 7,250,000 shares of its common stock at a public offering price of $4.25 per share and $10 million aggregate principal amount of its 6.5% Convertible Senior Notes due 2023. Neither offering is contingent on the completion of the other offering.
Akoustis has granted the underwriters in the common stock offering a 30-day option to purchase up to 1,087,500 additional shares of common stock solely to cover over-allotments. Akoustis expects to close the offerings, subject to market and other conditions, on or about October 23, 2018.
Akoustis expects the gross proceeds from these offerings to be approximately $40.8 million (or approximately $45.4 million if the underwriters exercise their over-allotment option with respect to the common stock offering in full), before deducting the underwriting discount and other estimated offering expenses.
Akoustis intends to use the net proceeds from the proposed offerings to fund operations and the growth of its business, including for capital expenditures, working capital, research and development, the commercialization of its technology and other general corporate purposes.
Oppenheimer & Co. Inc. is acting as sole book-running manager for the common stock offering and sole underwriter for the notes offering. National Securities Corporation, Aegis Capital Corporation, Lake Street Capital Markets and Loop Capital are acting as co-managers in connection with the common stock offering.
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 microelectromechanical systems (“MEMS”) wafer manufacturing to address the market requirements for improved RF filters - targeting higher bandwidth, higher operating frequencies and higher output power compared to incumbent polycrystalline BAW technology deployed today. The Company utilizes its proprietary XBAW manufacturing process to produce BAW 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 high-purity, single-crystal and associated piezoelectric materials and the resonator-filter process technology which drives electro-mechanical coupling and translates to wide filter bandwidth.
