**Akoustis Technologies Files for Chapter 11 Bankruptcy, Pursues Strategic Sale**

Akoustis Technologies, Inc. (NASDAQ: AKTS) filed a voluntary petition for relief under chapter 11 of the United States Bankruptcy Code. The filing, made on December 16, 2024, involved the Company and certain subsidiaries collectively referred to as the “Debtors.” The Debtors seek to continue operating as “debtors-in-possession,” following the filing with the United States Bankruptcy Court for the District of Delaware.

The company’s strategic move aims to facilitate an organized sales process. Akoustis Technologies has engaged Raymond James & Associates, Inc. to assist in exploring potential strategic options, including the possibility of selling its assets in connection with the bankruptcy proceedings.

In a related development preceding the bankruptcy filing, Akoustis Technologies entered into a “stalking horse” asset purchase agreement with Gordon Brothers Commercial & Industrial, LLC. The agreement pertains to the sale of certain assets of the Debtors, involving various equipment and supplies. The purchase price for the assets is set at $10.0 million, subject to adjustments depending on specific circumstances.

Furthermore, the “First Day” motions have been filed, requesting relief including the use of existing bank accounts, payment of employee wages, and benefits to ensure the Debtors can continue their ordinary course of business.

The bankruptcy filing necessitated by the judgment in a legal case with Qorvo, Inc., where Akoustis Technologies was directed to pay approximately $58 million in damages and fees due to alleged trade secret misappropriation and patent infringement.

As Akoustis Technologies navigates through the bankruptcy proceedings and the sales process, the company has emphasized its commitment to operational continuity in delivering high-band RF filters to its global customer base. Akoustis’ CEO, Kamran Cheema, highlighted the move as essential to ensure a seamless process for stakeholders.

Akoustis Technologies has urged caution among its security holders concerning the volatility and risks associated with trading the company’s securities during the bankruptcy process. The company has outlined that the planned sale of assets might impact the recovery for common stockholders.

The chapter 11 filing announcements, part of ongoing regulatory disclosures, reflect Akoustis Technologies’ strategic efforts to address financial obligations, maintain operations, and explore avenues to maximize value for stakeholders. The company is working through the bankruptcy process with a view to emerging in a manner that preserves value for all parties involved.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Akoustis Technologies’s 8K filing here.

About Akoustis Technologies

Akoustis Technologies, Inc, through its subsidiary, Akoustis, Inc, designs, develops, manufactures, and sells radio frequency (RF) filter products for the mobile wireless device industry in the United States, Asia, Europe, and internationally. It operates through Foundry Fabrication Services and RF Filters segments.