Bankruptcy: Akoustis Technologies, Inc.

Form Type: NT 10-Q

Filing Date: 2025-02-14

Corporate Action: Bankruptcy

Type: New

Accession Number: 000121390025014314

Filing Summary: Akoustis Technologies, Inc. filed a Notification of Late Filing on Form NT 10-Q due to circumstances related to voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code filed on December 16, 2024. The company stated that due to considerable time and resources devoted to the Chapter 11 proceedings, it lacks the necessary funds and personnel to prepare and file its Quarterly Report on Form 10-Q for the period ending December 31, 2024 on time. The company is unsure when it will be able to submit this report. Significant adverse developments have impacted the company’s liquidity and business operations, including a lawsuit filed against it by Qorvo, Inc., leading to unfavorable outcomes and the filing for bankruptcy. The company cautions that trading its securities is speculative during this period as actual recoveries during the bankruptcy process may vary significantly from current trading prices.

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Form Type: 8-K

Filing Date: 2024-12-16

Corporate Action: Bankruptcy

Type: New

Accession Number: 000121390024109364

Filing Summary: On December 16, 2024, Akoustis Technologies, Inc. filed for Chapter 11 bankruptcy along with certain subsidiaries, marking the date as the Petition Date. The company applied for joint administration of its bankruptcy cases and will operate as 'debtors-in-possession.' To facilitate operations during the bankruptcy, various motions were filed with the Bankruptcy Court for customary relief. The company engaged Raymond James & Associates, Inc. to assist with their strategic options, including a sale of assets. Prior to the bankruptcy filing, the company entered a Stalking Horse Asset Purchase Agreement with Gordon Brothers, where an affiliate will buy nearly all tool and equipment for $10 million, subject to terms that could reduce the sale price under certain conditions. The filing serves as a default under existing Convertible Senior Notes worth $44 million and a Secured Promissory Note, triggering immediate repayment obligations, which are stayed until resolved within the bankruptcy framework. Furthermore, the company canceled its 2024 Annual Meeting scheduled for January 9, 2025, due to the bankruptcy proceedings. Trading in the company’s securities is deemed risky and speculative due to the bankruptcy.

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