Bankruptcy: Akoustis Technologies, Inc.

Form Type: 8-K

Filing Date: 2025-05-15

Corporate Action: Bankruptcy

Type: Update

Accession Number: 000121390025044032

Filing Summary: On May 15, 2025, ATech (Parent) Resolution Corp. completed the sale of Akoustis Assets to Tune Holdings Corp. for $30.2 million, following bankruptcy proceedings initiated on December 16, 2024. This transaction, which was conducted under the supervision of the Bankruptcy Court, marked a critical point in the company's chapter 11 cases. In conjunction with this sale, the company's corporate name was officially changed from 'Akoustis Technologies, Inc.' to 'ATech (Parent) Resolution Corp.' The filing also noted the resignation of CEO Kamran Cheema effective May 14, 2025, amid these transitions. Additionally, on the same day, a press release was issued to announce the sale's consummation, which highlights the ongoing restructuring efforts of the company amidst bankruptcy concerns. The company cautioned holders of its common stock regarding the speculative nature of trading during bankruptcy, indicating potential risks and limited distributions to shareholders. The document also mentions other asset sales being contemplated in relation to the bankruptcy case, with mentions of future financial projections and stakeholder distributions being uncertain.

Form Type: NT 10-Q

Filing Date: 2025-05-15

Corporate Action: Bankruptcy

Type: New

Accession Number: 000121390025044049

Filing Summary: On December 16, 2024, ATech (Parent) Resolution Corp. and certain subsidiaries filed voluntary petitions for Chapter 11 bankruptcy in the District of Delaware. Due to the significant resources required for these bankruptcy proceedings, the company is unable to file its Quarterly Report on Form 10-Q for the fiscal quarter ending March 31, 2025 by the original due date of May 15, 2025. The company is also unable to provide an estimated filing date at this time. Additionally, the recent bankruptcy developments have led to a significant divergence in financial results compared to the same period in the prior year, as the company faces adverse business impacts and liquidity challenges. Accordingly, caution is advised for investors regarding the speculative nature of trading the company’s common stock during the bankruptcy process, with little expectation of distributions to shareholders from the proceedings. The company is actively managing its resources and legal requirements associated with the bankruptcy.

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.

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.