Akoustis to redeem $15 million 6.5% convertibles due 2023

By Taylor Fox

New York, Jan. 26 – Akoustis Technologies, Inc. plans to redeem its outstanding $15 million 6.5% convertible senior notes due 2023 on March 1, according to a news release.

The notes will be redeemed at par plus $0.18 of interest per $1,000 of notes being redeemed.

Holders of the notes may elect to convert the notes into shares of common stock at a conversion rate equal to 200 shares of common stock per $1,000 principal amount of notes, equivalent to a conversion price of approximately $5.00 per share, as well as an interest make-whole payment.

The make-whole payment will be paid in freely tradeable shares of its common stock, unless the company delivers prior written notice to each holder of notes that the company will pay a portion or all of the make-whole payment in cash.

This conversion right will terminate at the close of business on Feb. 26.

Akoustis Technologies is a Charlotte, N.C.-based manufacturer of RF filters for mobile and other wireless applications.

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