AKOUSTIS TECHNOLOGIES, INC. (OTCMKTS:AKTS) Files An 8-K Other Events
Item 8.01. Other Events.
On January 25, 2021, Akoustis Technologies, Inc. (the “Company”) provided a notice of redemption (the “Redemption Notice”) to the holders of the Company’s outstanding $15,000,000 aggregate principal amount of 6.5% Convertible Senior Secured Notes due 2023 (CUSIP No: 00973N AA0) (the “Notes”) regarding the Company’s exercise of its option to redeem all Notes on March 1, 2021, unless converted as described below, to the indenture governing the Notes. The Company will pay holders of the Notes that are redeemed a redemption price equal to 100% of the aggregate principal amount of Notes being redeemed, plus accrued and unpaid interest.
Alternatively, holders of the Notes may elect to convert the Notes into shares of common stock of the Company at a conversion rate equal to 200 shares of common stock per $1,000 principal amount of Notes (equivalent to a conversion price of $5.00 per share), as well as an interest make-whole payment with respect to those Notes that are converted. This conversion right will terminate at the close of business on February 26, 2021.
Additional information regarding the terms and conditions of the redemption of the Notes is set forth in the Notice of Redemption, a copy of which is attached to this Current Report on Form 8-K as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
|99.1||Notice of Redemption of 6.5% Convertible Senior Secured Notes due 2023|
Akoustis Technologies, Inc. Exhibit
EX-99.1 2 ea133863ex99-1_akoustistech.htm NOTICE OF REDEMPTION OF 6.5% CONVERTIBLE SENIOR SECURED NOTES DUE 2023 Exhibit 99.1 NOTICE OF REDEMPTION TO THE HOLDERS OF AKOUSTIS TECHNOLOGIES,…
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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).