By Abigail W. Adams
Portland, Me., June 10 – Akoustis Technologies Inc. issued $44 million of 6% convertible notes due 2027 in a Rule 144A offering via an indenture between the company, the guarantor, parent company Akoustis Inc. and trustee Bank of New York Mellon, according to a Securities and Exchange Commission filing.
The notes carry a conversion price of $4.71.
Interest will be paid in cash or shares valued at 95% of the 10-day volume weighted average share price preceding the interest payment date.
The notes will be convertible after Dec. 9, 2022 with conversion prior to June 9, 2025 to include an interest make-whole payment.
The notes are non-callable until June 9, 2023 and then subject to a 150% hurdle.
There is takeover protection.
Akoustis Technologies is Huntersville, N.C.-based radio filters products manufacturer.
| Issuer: | Akoustis Technologies Inc.
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| Guarantor: | Akoustis Inc.
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| Amount: | $44 million
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| Issue: | Convertible senior notes
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| Maturity: | June 15, 2027
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| Trustee: | Bank of New York Mellon
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| Coupon: | 6%
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| Conversion price: | $4.71
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| Conversion rate: | 212.3142
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| Call options: | Non-callable until June 9, 2023 and then subject to a 150% hurdle
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| Settlement date: | June 10
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| Distribution: | Rule 144A
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| Stock symbol: | Nasdaq: AKTS
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| Market capitalization: | $217.98 million
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