Charlotte, N.C., Feb. 23, 2021 (GLOBE NEWSWIRE) -- Akoustis Technologies, Inc. (NASDAQ: AKTS), an integrated device manufacturer (IDM) of patented bulk acoustic wave (BAW) high-band RF filters for mobile and other wireless applications, announced today it has entered into an agreement for a non-brokered registered direct offering of 1,500,000 of its shares of common stock at a purchase price of $14.36 per share, for gross proceeds of approximately $21.5 million from institutional investors. The RDO is fully subscribed and is scheduled to close today.
In addition to the $21.5 million RDO, between February 4, 2021 and February 17, 2021, Akoustis sold an aggregate of 823,439 shares of its common stock at an average price of $17.16 in its at-the-market (“ATM”) offerings, resulting in aggregate gross proceeds of approximately $14.1 million.
Combined gross proceeds from the RDO and ATM offerings between February 4, 2021 and February 17, 2021 total approximately $35.6 million before deducting commissions and fees related to the offerings.
Akoustis previously announced a 500% capacity expansion at its New York fab which is expected to be completed by this June. To support the anticipated filter demand from multiple 5G handset, WiFi 6E and other customers in calendar 2022 and beyond, the Company recently elected to double its manufacturing capacity once again beyond its previously stated plan by the end of calendar 2021.
Akoustis is actively delivering volume production of its WiFi 6 tandem filter solutions, shipping multiple 5G small cell XBAW® filter solutions, delivering initial designs of its new 5G mobile filter solutions to multiple customers and is now entering the market with its WiFi 6E coexistence XBAW® filter solutions. Company management expects continued top-line growth moving forward and given the growing backlog of commercially available RF filter products and technology aimed at large and growing markets, it plans to once again significantly expand the capacity at its New York fab.
Akoustis has added 15 filters to its product catalog including a 5.6 GHz WiFi filter, a 5.2 GHz WiFi filter, a 5.5 GHz WiFi-6E filter, a 6.5 GHz WiFi 6E filter, three small cell 5G network infrastructure filters including two Band n77 filters and one Band n79 filter, a 3.8 GHz filter and five S-Band filters for defense phased-array radar applications, a 3.6 GHz filter for the CBRS 5G infrastructure market and a C-Band filter for the unmanned aircraft systems (UAS) market. The Company is also developing several new filters for the sub-7 GHz bands targeting 5G mobile device, network infrastructure, WiFi CPE and defense markets.
This press release does not constitute an offer to sell, or the solicitation of an offer to buy, any 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 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.
Akoustis plans to service the fast growing multi-billion-dollar RF filter market using its integrated device manufacturer (IDM) business model. The Company owns and operates a 120,000 sq. ft. ISO-9001:2015 registered commercial wafer-manufacturing facility located in Canandaigua, NY, which includes a class 100 / class 1000 cleanroom facility - tooled for 150-mm diameter wafers - for the design, development, fabrication and packaging of RF filters, MEMS and other semiconductor devices. Akoustis Technologies, Inc. is headquartered in the Piedmont technology corridor near Charlotte, North Carolina.
