Charlotte, N.C., Nov. 13, 2017 (GLOBE NEWSWIRE) -- Akoustis Technologies, Inc. (NASDAQ: AKTS), a manufacturer of patented single-crystal BulkONE bulk acoustic wave (BAW) high band RF filters for mobile wireless and other wireless applications, announced today a closing of a private placement offering to investors, including five current members of the Company’s Board of Directors. Under the terms of the offering, the Company sold shares of restricted common stock at a purchase price of $5.50 per share, for aggregate gross proceeds of approximately $1,000,000.
The round was led by Akoustis Co-Chairman, Jerry Neal, who invested $850,000. This is the second Akoustis common stock financing that Mr. Neal has led. In November 2016, Mr. Neal invested $1,000,000 as part of a round that totaled $1.6 million. Mr. Neal was the Co-Founder and former Executive Vice President of Sales, Marketing and Strategic Development for RF Micro Devices, now Qorvo, Inc.
Akoustis CEO, Jeff Shealy, commented, “I would like to thank our co-Chairman Jerry Neal as well as the other four members of the Board that participated in the financing. I believe the investment by the Akoustis Board members demonstrates their confidence in both Company’s management as well as our patented single-crystal BAW RF filter technology.”
The Company intends to use the proceeds from the offering principally to support operations and the continued development and qualification of its premium high-band BAW RF filters utilizing its patented single-crystal piezoelectric materials.
The offer and sale of the foregoing securities was made in a transaction not involving a public offering and have not been registered under the Securities Act of 1933, as amended (the Securities Act), or applicable state securities laws. Accordingly, the securities may not be reoffered or resold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws. As part of the transaction, the Company has agreed to file a registration statement with the Securities and Exchange Commission for purposes of registering the resale by the investors of the shares of common stock purchased by such investors.
This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities, nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state. Any offering of the securities under the resale registration statement will only be by means of a prospectus.
Akoustis is pioneering next-generation material science 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. Superior performance is driven by the significant advances of high-purity, single-crystal piezoelectric materials and the resonator-filter process technology. The advanced material properties drive electro-mechanical coupling, which translates to wide filter bandwidth. High-band RF filters are achieved by leveraging the Company’s high-sound velocity, single-crystal piezoelectric materials. These single-crystal piezoelectric materials offer high-thermal conductivity along the path of heat flow, enabling high-power handling capability of the RF filter.
About Akoustis Technologies, Inc.
Akoustis® (http://www.akoustis.com) is a high-tech RF filter solutions company that designs and manufactures its unique, patented BulkONE® technology to produce single-crystal bulk acoustic wave (BAW) RF filters for mobile and other wireless markets, which facilitate signal acquisition and accelerate band performance between the antenna and digital back end. Its BulkONE® technology will service the fast growing multi-billion dollar market of device OEMs, network providers, and consumers to diminish Front End phone heat, battery drain and signal loss -- all considered to be directly related to current RF polycrystalline filter technologies' limitations. The Company owns and operates a 120,000 sq. ft. ISO-9001 certified commercial wafer-manufacturing facility located in Canandaigua, NY, which includes a class 100 / class 1000 cleanroom facility - tooled for 150-mm diameter - for the design, development, fabrication and packaging of RF filters, MEMS and semiconductor devices. Akoustis is headquartered in the Piedmont technology corridor near Charlotte North Carolina.