Akoustis announces closing of public offering of common stock

Akoustis announced 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. 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.