Akoustis Technologies, Inc. CEO Jeffrey Shealy sold $780,000 worth of stock, according to a Form 4 filing posted with the Securities and Exchange Commission on Friday.

Shealy sold 50,000 shares at $7.76 and another 50,000 shares at $7.84. Shealy, who founded Akoustis in 2014, owned 1,385,239 shares of the company after the transaction.

Jeffrey McMahon, a member of the company’s board of directors, also sold $239,920 of Akoustis stock, according to a separate Friday filing. McMahon sold $29,990 shares at a price of $8, according to the filing.

Akoustis, based in Huntersville, North Carolina, develops and manufactures radio frequency filter products for the mobile device industry.

Shares of Akoustis stock were trading at $8.14 Monday morning, up 8 cents, or 0.99 percent.