CHARLOTTE — Akoustis Technologies, Inc. (OTCQB:AKTS), a manufacturer of innovative single crystal RF filters for mobile wireless, has completed a merger transaction in which Akoustis, Inc. (“Akoustis”) became a wholly owned subsidiary of the Akoustis Technologies. It also announced a $5.3 million private placement offering of the its common stock.
Shares of the Company’s common stock are currently quoted on the OTC Markets QB Tier under the symbol “AKTS.”
“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, CEO.
“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 says that its Bulk ONE RF filters employ materials that exhibit 30 percent 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.
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.
