Committed to Full Continuity in Delivering Next-Generation BAW High-Band RF Filters to Customers Around the World Filing to Ensure Business Sold Free and Clear of Qorvo Infringement Following Final Judgement and Required Cleansing ProcessCharlotte, NC, Dec.16, 2024 (GLOBE NEWSWIRE) -- Akoustis to Pursue Strategic Sale of its Business Through Voluntary Chapter 11 Process Committed to Full Continuity in Delivering Next-Generation BAW High-Band RF Filters to Customers Around the World Filing to Ensure Business Sold Free and Clear of Qorvo Infringement Following Final Judgement and Required Cleansing Process Charlotte, NC – DECEMBER 16, 2024 – Akoustis Technologies, Inc.(NASDAQ: AKTS) ("Akoustis” or the "Company”), an integrated device manufacturer (IDM) of patented bulk acoustic wave (BAW) high-band RF filters for mobile and other wireless applications, announced today that it has voluntarily filed for chapter 11 relief in the United States Bankruptcy Court for the District of Delaware (the "Court”) to provide the Company with the flexibility to complete its ongoing marketing and sale process while continuing to deliver for its valued customers around the world.
These risks and uncertainties include, but are not limited to, the risks associated with the potential adverse impact of the chapter 11 cases on the Company’s liquidity and results of operations; changes in the Company’s ability to meet its financial obligations during the pendency of the chapter 11 cases and to maintain contracts that are critical to its operations; the outcome and timing of the chapter 11 cases and any potential asset sale; the effect of the filing of the chapter 11 cases and any potential asset sale on the Company’s relationships with vendors, regulatory authorities, employees and other third parties; possible proceedings that may be brought by third parties in connection with the chapter 11 cases or the Sale Transaction; uncertainty regarding obtaining Court approval of a sale of the Company’s assets or other conditions to the potential asset sale; and the timing or amount of any distributions, if any, to the Company’s stakeholders.
Bankruptcy Code and the timing and structure of any such sales and ability to satisfy closing conditions; the Company’s intention to continue operations during the chapter 11 cases; the Company’s belief that the sale process will be in the best interest of the Company and its stakeholders; and other statements regarding the Company’s strategy and future operations, performance and prospects among others.
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