Akoustis Technologies, Inc. (OTCMKTS:AKTS) Files An 8-K Termination of a Material Definitive Agreement
Item 1.02
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Termination of a Material Definitive Agreement. |
The information contained in Item 5.02 of this Current Report on
Form 8-K is incorporated by reference into this Item 1.02.
| Item 5.02 |
Departure of Director or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On May 12, 2017, Akoustis Technologies, Inc. (the Company)
delivered notice to Cindy C. Payne, its Chief Financial Officer,
David M. Aichele, its Vice President of Business Development, and
Mark Boomgarden, its Vice President of Operations (each an
Executive and, collectively, the Executives), that their
employment agreements with the Company would not automatically
renew to the terms therein. Accordingly, their employment
agreements will expire June 15, 2017. The decision not to renew
the employment agreements is consistent with the employment
arrangements offered to new hires of the Company; it is not a
decision to terminate the Companys employment relationship with
the Executives, and each Executive will continue in his or her
current position unless the Executive or the Company otherwise
determines to terminate the employment relationship. The
Executives are not entitled to any payments or benefits under the
employment agreements solely as a result of the non-renewal.
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). Akoustis Technologies, Inc. (OTCMKTS:AKTS) Recent Trading Information
Akoustis Technologies, Inc. (OTCMKTS:AKTS) closed its last trading session down -0.01 at 9.99 with shares trading hands.