Akoustis to price $10 million 6.5% convertible notes due 2023

By Abigail W. Adams

Portland, Me., Oct. 18 – Akoustis Technologies Inc. plans to price $10 million 6.5% convertible notes due 2023 with an initial conversion premium that is expected to be 20% prior to the market open on Friday, according to a market source and a 424B5 filing with the Securities and Exchange Commission.

The convertible notes are pricing concurrently with a common stock offering.

Oppenheimer & Co. Inc. is the bookrunner for the registered offering.

The notes are putable on Nov. 30, 2021. They are also putable upon a fundamental change.

The notes are non-callable until Nov. 30, 2019. They may be redeemed at par subject to a 175% hurdle until Nov. 30, 2020.

They are redeemable subject to a 150% hurdle until Nov. 30, 2021 and subject to a 125% hurdle thereafter.

Proceeds from the concurrent offerings will be used for capital expenditures, research and development, the commercialization of its technology and general corporate purposes.

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

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