Business
Akoustis Announces Closing of Public Offering of Common Stock and Full Exercise of Underwriters’ Option to Purchase Additional Shares
Board and Management Purchased over $1 Million in Common Stock in the Oversubscribed Offering, Led by $900K Investment from Founder & CEO Jeff Shealy
About this update from Aktis Oncology, Inc.
[{"type":"text","content":"Board and Management Purchased over $1 Million in Common Stock in the Oversubscribed Offering, Led by $900K Investment from Founder & CEO Jeff Shealy\nCharlotte, N.C., Jan. 25, 2023 (GLOBE NEWSWIRE) -- Akoustis Technologies, Inc. (Nasdaq: AKTS) (“Akoustis” or the “Company”), an integrated device manufacturer of patented bulk acoustic wave (“BAW”) high-band radio frequency (“RF”) filters for mobile and other wireless applications, announced today the closing of its previously announced underwritten public offering of 12,545,454 shares of its common stock at a price to the public of $2.75 per share, which included the exercise in full by the underwriters of their option to purchase 1,636,363 additional shares of Akoustis’ common stock. Net proceeds to Akoustis, after deducting the underwriting discount and estimated offering expenses payable by Akoustis, were approximately $32.0 million. Akoustis intends to use the net proceeds from the offering to fund operations and the growth of its business, including capital expenditures, working capital, research and development, the commercialization of its technology, servicing its outstanding debt, potential strategic transactions, and other general corporate purposes. Akoustis management participated in the offering with over $1 million in aggregate investments, including an investment of $900K by Akoustis Founder & CEO, Jeff Shealy. Mr. Jeff Shealy, commented, “The capital raise comes at an important time in the history of Akoustis, when we are experiencing growth in multiple premium RF filter end markets while strengthening our backend semiconductor manufacturing capabilities after the acquisition of GDSI”. Mr. Shealy continued, “We are thankful to the quality investors who joined management’s participation in this oversubscribed offering”. B. Riley Securities acted as the sole book-running manager for the offering, and Craig-Hallum Capital Group and Roth Capital Partners acted as co-managers for the offering. The offering was made pursuant to a shelf registration statement on Form S-3 (No. 333-262540) that was declared effective by the Securities and Exchange Commission (the “SEC”) on February 15, 2022. A final prospectus supplement and accompanying prospectus with respect to the offering has been filed with the SEC and is available on its website at http://www.sec.gov. Copies of the ...