Akoustis Technologies, Inc. (OTCMKTS:AKTS) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.
On June 20, 2017, Akoustis Technologies, Inc. (the Company)
executed a purchase order (the Purchase Order) to purchase a thin
film material deposition tool, which will be used to grow thin
film materials for the Companys RF Filter applications (the
Deposition Tool), from AIXTRON, Inc. (AIXTRON) for an aggregate
purchase price of $2.1 million, exclusive of materials necessary
for the installation and completion of commissioning the
Deposition Tools use. The Company will also be responsible for
the costs of international shipment, import, and onsite
preparation for installation and delivery.
The Company has remitted a $630,000 deposit on the Deposition
Tool, as required by the terms and conditions of the Purchase
Order, and the Company expects to satisfy the remainder of the
purchase price with either cash on hand and/or through debt
financing. The final payment will be due upon signed final
acceptance of the Deposition Tool at our New York facility, but
no later than 90 days after the scheduled shipment, which is
scheduled to occur in the late third quarter or early fourth
quarter of 2017. Failure to satisfy the Companys obligations
under the Purchase Order could subject the Company to liquidated
damages in the amount of 8% of the purchase price.
Performance of the Deposition Tool is required to be demonstrated
to mutually agreed and defined performance specifications. The
Deposition Tool will be subject to three acceptance tests to
prove that it meets the agreed specifications related to system
hardware, software, and basic functionality. If the installation
and acceptance tests cannot be completed within six months from
the scheduled shipment date, unless such delay is agreed to in
writing or caused by AIXTRON or certain other events, the Company
must reimburse AIXTRON for the additional costs for the
installation and commissioning of the Deposition Tool. In
addition, the Company is required to indemnify AIXTRON and its
agents, employees, or subcontractors for certain injuries and
damages, if any, incurred by them during the performance of their
duties under the sales terms and conditions attached to the
The purchase of the Deposition Tool is governed by the laws of
the Federal Republic of Germany, excluding its conflicts of laws
rules and excluding the United Nations Convention on Contracts
for the International Sale of Goods.
The foregoing description of the Purchase Order is qualified in
its entirety by reference to the Purchase Order, attached hereto
as Exhibit 10.1 and incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
|10.1||Purchase Order for Deposition Tool|
Akoustis Technologies, Inc. Exhibit…To view the full exhibit click
here About Akoustis Technologies, Inc. (OTCMKTS:AKTS)
Akoustis Technologies, Inc., formerly Danlax, Corp., is a fabless company engaged in developing, designing and manufacturing radio frequency (RF) filter products for the mobile wireless device industry. The Company operates in the telecommunications and fiber optics sector. The Company is focused on commercializing and manufacturing its Bulk ONE acoustic wave technology to address the critical frequency-selectivity requirements in mobile smartphones. The Company plans to use single crystal piezoelectric materials to develop a class of RF filters with a fundamental advantage to reduce losses over existing thin film technologies. The Company’s piezoelectric materials contain high-purity Group III element nitride materials and possess a signature, which can be detected by conventional material metrology tools. The Company is focused on the commercialization of bandwidth RF filters operating in the high frequency portion of the RF Front end (RFFE) (called high band).