Company sells 3,791,000 shares at $1.50 apiece in oversubscribed deal
By Devika Patel
Knoxville, Tenn., June 10 – Akoustis Technologies Inc. said it completed a $391,500 second closing of a $5.69 million oversubscribed private placement of stock. The deal raised $5.3 million on May 26, before the company went public on May 28.
The company sold 3,791,000 common shares at $1.50 per share. It sold 3.53 million shares in the first tranche and 261,000 shares in the second. The price per share is a 75% discount to the $6.00 closing share price on June 9.
Northland Capital Markets and Katalyst Securities LLC were the agents. Montrose Capital Partners was the lead investor.
Proceeds will be used for development and qualification of materials and devices for the company’s Bulk ONE acoustic wave RF filter technology.
“Akoustis is focused on disrupting conventional thin-film technology by using its proprietary, single crystal piezoelectric materials to produce innovative acoustic wave resonators and filters, which will increase the RF front-end efficiency and improve signal quality,” chief executive officer Jeff Shealy said in a press release. “This financing will accelerate our development of unique single crystal bulk acoustic wave (BAW) filter solutions, which will provide lower-loss, more efficient filters for the 4G/LTE market and beyond.”
“We are pleased to receive this oversubscription of our private offering. As we close this round, we continue to execute on our objectives to develop a new class of high selectivity bulk acoustic wave (BAW) RF filters for the mobile wireless market, including smartphones,” Shealy added.
The Charlotte, N.C., company develops technology to reduce overheating and enable longer battery life in smartphones.
| Issuer: | Akoustis Technologies Inc.
|
| Issue: | Common stock
|
| Amount: | $5,686,500
|
| Shares: | 3,791,000
|
| Price: | $1.50
|
| Warrants: | No
|
| Agents: | Northland Capital Markets and Katalyst Securities LLC
|
| Investor: | Montrose Capital Partners (lead)
|
| Settlement dates: | May 26 (for $5,295,000), June 10 (for $391,500)
|
| Stock symbol: | OTCBB: AKTS
|
| Stock price: | $6.00 at close June 9
|
| Market capitalization: | $77.12 million
|
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