Akoustis Technologies Updates XBAW Design, Announces $10M Offering

Dow Jones05-23

By Josh Beckerman

Akoustis Technologies completed the rollout of design updates for its XBAW RF filters and announced a $10 million registered direct offering.

The company said it developed the updates to its XBAW manufacturing process to remove any patented features claimed by Qorvo.

On Monday, Akoustis warned that the verdict against the company in a patent and trade secret dispute with Qorvo created uncertainty about its financial condition. It said that in the "absence of the receipt of additional financing, we will be required to curtail or cease operations and/or seek protection under applicable bankruptcy laws." A jury awarded more than $38.5 million in damages.

Akoustis shares, which fell 56% Monday and 13% Tuesday, were recently up 88% to 26 cents Wednesday. Volume was more than 512 million shares, compared with a 65-day average of 1.2 million.

In the offering, the company agreed to sell 50 million shares, or share equivalents, for 20 cents each.

Write to Josh Beckerman at josh.beckerman@wsj.com

(END) Dow Jones Newswires

May 22, 2024 15:26 ET (19:26 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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