Pure-Play Mobile Wireless RF Filter Company Closes Merger and Completes Financing
CHARLOTTE, N.C.--(BUSINESS WIRE)--Akoustis Technologies, Inc. (OTCQB:AKTS) (the Company ), a manufacturer of innovative single crystal Bulk ONE RF filters for mobile wireless, announced today that it has simultaneously completed a merger transaction in which Akoustis, Inc. ( Akoustis ) became a wholly owned subsidiary of the Company, and a $5.3 million private placement offering of the Company s common stock. Shares of the Company s common stock are currently quoted on the OTC Markets QB Tier under the symbol AKTS.
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.
Akoustis is designing, developing and manufacturing innovative radio frequency (RF) filters by using single-crystal piezoelectric materials to create a new class of bulk acoustic wave (BAW) filters improving performance, lowering system cost and driving miniaturization. RF filters determine which radio frequency signals are transmitted and received by the mobile-wireless handset. The increasing demand for mobile applications and wireless data is driving an increase in the number of wireless channels, or frequency bands, in new mobile wireless smartphones. New bands create a need for more filters. A high-end smartphone, for example, must filter the transmit and receive paths for 2G, 3G and 4G wireless in 20 or more frequency bands, as well as Wi-Fi, Bluetooth and in some cases GPS.
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, said Jeff Shealy, the Company s Chief Executive Officer. 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.
Akoustis Bulk ONE RF filters employ materials that exhibit 30% better acoustic performance when compared to the thin-film technologies deployed today. This results in higher filter efficiencies and lower power consumption, and thus longer battery life and reduced heating. Initial efforts are focused on the 4G/LTE market where there is demand for high-performance filters to enable next generation 4G smartphones providing faster data throughput and longer battery life. Akoustis business model involves fabless manufacturing, which leverages the capital investments and capacity at its strategic partners to manufacture the wafer-based filters.
The financing round was led with an investment from Montrose Capital Partners. Concurrent with the completion of the going-public transaction, the Company completed a closing of the sale of approximately 3.53 million shares of common stock at a price of $1.50 per share, resulting in $5.3 million in gross proceeds to the Company.
Northland Capital Markets and Katalyst Securities LLC, member FINRA/SIPC, were the exclusive placement agents for the best efforts private placement offering. Northland Capital Markets is the trade name for certain capital markets and investment banking activities of Northland Securities, Inc., member FINRA/SIPC.
The securities issued in the merger and sold in the private placement have not been registered under the Securities Act of 1933 and may not be resold absent registration under, or exemption from registration under, such Act.
Akoustis (www.akoustis.com) is a high-tech RF filter solutions company that manufactures its unique, patent-pending Bulk ONE technology to produce single-crystal bulk acoustic wave (BAW) filters for the mobile-wireless industry. Akoustis fabless business model is capital efficient, leveraging existing manufacturing infrastructure in the semiconductor industry. Founded in 2014, Akoustis is located in the Piedmont technology corridor between Charlotte and Raleigh, North Carolina.
Statements in this press release that are not descriptions of historical facts are forward-looking statements that are based on management s current expectations and assumptions and are subject to risks and uncertainties. In some cases, you can identify forward-looking statements by terminology including anticipates, believes, can, continue, could, estimates, expects, intends, may, plans, potential, predicts, should, will, would or the negative of these terms or other comparable terminology. Factors that could cause actual results to differ materially from those currently anticipated include, without limitation,
- risks relating to the results of our research and development activities, including uncertainties relating to semiconductor process manufacturing;
- the early stage of our Bulk ONE technology presently under development;
- our need for substantial additional funds in order to continue our operations and the uncertainty of whether we will be able to obtain the funding we need;
- our ability to retain or hire key scientific, engineering or management personnel; our ability to protect our intellectual property rights that are valuable to our business, including patent and other intellectual property rights;
- our dependence on third-party manufacturers, suppliers, research organizations, testing laboratories and other potential collaborators;
- our ability to successfully market and sell our technologies;
- the size and growth of the potential markets for any of our technologies, and the rate and degree of market acceptance of any of our technologies;
- competition in our industry; and
- regulatory developments in the U.S. and foreign countries.
In light of these risks, uncertainties and assumptions, the forward-looking statements regarding future events and circumstances discussed in this press release may not occur, and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. The forward-looking statements included in this presentation speak only as of the date hereof, and, except as required by law, we undertake no obligation to update publicly or privately any forward-looking statements for any reason after the date of this presentation to conform these statements to actual results or to changes in our expectations.
THESE MATERIALS DO NOT CONSTITUTE AN OFFER TO SELL, OR THE SOLICITATION OF ANY OFFER TO BUY, ANY SECURITIES OF AKOUSTIS, INC., OR OF ANY OTHER ENTITY WHATSOEVER. ANY REPRESENTATION TO THE CONTRARY BY ANY PARTY SHOULD BE IGNORED.
For a Complete Version of this BUSINESS WIRE Press Release