Charlotte, North Carolina, Dec. 17, 2019 (GLOBE NEWSWIRE) -- Akoustis Technologies, Inc. (Nasdaq: AKTS), an integrated device manufacturer of patented bulk acoustic wave high-band radio frequency filters for mobile and other wireless applications, announced today the closing of its previously announced underwritten public offering of 5,520,000 shares of its common stock at a price to the public of $6.25 per share, which included the exercise in full by the underwriters of their option to purchase 720,000 additional shares of Akoustis’ common stock. Net proceeds to Akoustis, after deducting the underwriting discount and estimated offering expenses payable by Akoustis, were approximately $32.0 million. 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 and other general corporate purposes.
Craig-Hallum Capital Group LLC acted as sole book-running manager for the offering, and Roth Capital Partners and Loop Capital Markets acted as co-managers for the offering.
About Akoustis Technologies, Inc.
Akoustis® 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 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 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.
