Akoustis Technologies, Inc.

Form Type: 8-K

Filing Date: 2024-12-16

Corporate Action: Bankruptcy

Type: New

Accession Number: 000121390024109364

Comments: 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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