CHARLOTTE, N.C.--(BUSINESS WIRE)--Akoustis Technologies, Inc. (OTCQB: AKTS) (“Akoustis” or the “Company”), a manufacturer of innovative Bulk ONE™ single crystal piezoelectric RF bulk acoustic wave (BAW) filters for mobile wireless, announced today that it closed a private offering in which it sold 313,125 shares of Akoustis common stock at a fixed purchase price of $1.60 per share, resulting in gross proceeds of $501,000, before expenses of the offering. The round was led by Akoustis Co-Chairman Jerry Neal, CEO Jeff Shealy, Director Jeff McMahon and included investments by other Directors and Akoustis Senior Management.
“We are pleased to announce the investment by our Board and Management,” said Jeff Shealy, CEO of Akoustis. “We believe this signals the confidence our Board and Executive team have in the Company’s technology and it’s potential to become a disruptive player in the fast growing billion dollar high-band RF BAW filter industry.”
The Company intends to use the net proceeds of the offering principally to support operations and the continued development and qualification of its single crystal piezoelectric materials, resonators and filter devices related to its Bulk ONE™ acoustic wave RF filter technology.
The shares of common stock sold in the private offering have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
The details of the offering can be found in the Company’s 8K report filed on March 11, 2015.
Akoustis™ (http://www.akoustis.com) is 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, which facilitate signal acquisition and accelerate band performance between the antenna and the back end of mobile devices. Akoustis’ “fabless” business model is capital efficient, leveraging existing manufacturing infrastructure in the semiconductor industry. 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.