B. Riley Served as Sole Bookrunner on Akoustis Technologies (Nasdaq: AKTS) $34.5mm Common Offering
ANGELES, February 9, 2023 - B.
Riley Securities, Inc., a leading middle market investment
bank, is pleased to have served as the sole book-running manager for Akoustis
Technologies, Inc. (Nasdaq: AKTS) in connection with its successful
underwritten offering of common stock which resulted in gross proceeds of
approximately $34.5 million to Akoustis.
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, "B. Riley did an outstanding job for us on this
important transaction. This capital injection supports Akoustis during strong
business momentum with our recent acquisition of GDSI and receipt of our first
Tier-1 5G mobile high-volume order. From the beginning, the B. Riley team
displayed in-depth industry knowledge, and provided invaluable market insight
and high-level execution on the transaction. B. Riley's personnel, from senior
to junior members, were plugged in 24/7 and worked tirelessly during the entire
engagement. Their professionalism and hard work ethic were very noticeable and
greatly appreciated. Their entire team really took our banking relationship
experience to the next level. We came out of this deal with $32 million of [net] new capital,
several strong new cornerstone investors, and a great partner in B. Riley."
B. Riley's deal team included Jon Merriman, Craig Krinbring, Michael Schlotman
and David Park. For more information, contact Jon
Merriman at 415.229.4848 or Craig Krinbring at 415.229.4849.
Akoustis® is a BAW RF filter solutions company that is pioneering
next-generation materials science and MEMS wafer semiconductor manufacturing to
address the market requirements for improved RF filters - targeting higher
bandwidth, higher operating frequencies and higher output power compared to
legacy polycrystalline BAW technology. The Company utilizes its proprietary and
patented XBAW® manufacturing process to produce bulk acoustic wave RF filters
for mobile and other wireless markets, which facilitate signal acquisition and
accelerate band performance between the antenna and digital back end. Superior
performance is driven by the significant advances of poly-crystal,
single-crystal and other high purity piezoelectric materials and the
resonator-filter process technology which enables optimal trade-offs between
critical power, frequency and bandwidth performance specifications.
Akoustis plans to service the fast growing multi-billion-dollar RF filter
market using its integrated device manufacturer (IDM) business model. The
Company owns and operates a 125,000 sq. ft. ISO-9001:2015 certified commercial
wafer-manufacturing facility located in Canandaigua, NY, which includes a class
100 / class 1000 cleanroom facility - tooled for 6 inch diameter wafers - for
the design, development, fabrication and packaging of RF filters, MEMS and
other semiconductor devices. Akoustis Technologies, Inc. is headquartered in
the Piedmont technology corridor near Charlotte, North Carolina.
About B. Riley
B. Riley Securities is a leading middle market investment bank that provides
corporate finance, advisory, research, and sales and trading services.
Investment banking services include initial, secondary, and follow-on
offerings, institutional private placements, merger and acquisition (M&A)
advisory, corporate restructuring, and recapitalization. The firm is nationally
recognized and highly ranked for its proprietary small-cap equity research. B.
Riley Securities is a wholly owned subsidiary of B. Riley Financial, Inc.
(Nasdaq: RILY). For more information, visit www.brileysecurities.com.
Jo Anne McCusker
B. Riley Financial