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.