Item 8.01. Other Events.
On January 25, 2021, Akoustis Technologies, Inc. (the "Company") provided a
notice of redemption (the "Redemption Notice") to the holders of the Company's
outstanding $15,000,000 aggregate principal amount of 6.5% Convertible Senior
Secured Notes due 2023 (CUSIP No: 00973N AA0) (the "Notes") regarding the
Company's exercise of its option to redeem all Notes on March 1, 2021, unless
converted as described below, pursuant to the indenture governing the Notes. The
Company will pay holders of the Notes that are redeemed a redemption price equal
to 100% of the aggregate principal amount of Notes being redeemed, plus accrued
and unpaid interest.
Alternatively, holders of the Notes may elect to convert the Notes into shares
of common stock of the Company at a conversion rate equal to 200 shares of
common stock per $1,000 principal amount of Notes (equivalent to a conversion
price of $5.00 per share), as well as an interest make-whole payment with
respect to those Notes that are converted. This conversion right will terminate
at the close of business on February 26, 2021.
Additional information regarding the terms and conditions of the redemption of
the Notes is set forth in the Notice of Redemption, a copy of which is attached
to this Current Report on Form 8-K as Exhibit 99.1 and is incorporated herein by
reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit
Number Description
99.1 Notice of Redemption of 6.5% Convertible Senior Secured Notes due 2023
1
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