Akoustis Technologies Files For Chapter 11 Bankruptcy

Akoustis Technologies

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(RTTNews) - Akoustis Technologies Inc. (AKTS) said it has voluntarily filed for Chapter 11 relief in the United States Bankruptcy Court for the District of Delaware. The filing aims to give the company the flexibility to complete its ongoing marketing and sale process while continuing to serve its customers globally.

The Chapter 11 filing follows a recent legal case with Qorvo, Inc., where Akoustis was ordered to pay approximately $59 million in damages, fees, and interest due to allegations of trade secret misappropriation and patent infringement.

To support the sale process, Akoustis has entered into a stalking horse asset purchase agreement with Gordon Brothers Commercial & Industrial, LLC for certain assets of the company. Before the Chapter 11 cases commenced, Akoustis engaged in discussions with interested parties about the company's future operations through a potential sale of its businesses and assets. The company intends to use the court-supervised sale process to seek the highest or best bid for its assets.