Akoustis down 12% after announcing stock, debt offerings

|About: Akoustis Technologies, Inc. (AKTS)|By:, SA News Editor

Akoustis Technologies (NASDAQ:AKTS) has tumbled 12% in postmarket action after announcing via filing an offering of common stock and convertible senior notes.

The company will sell $10M in aggregate principal of 6.5% convertible senior notes due 2023.

Meanwhile, the company will offer $30M worth of shares in a range of $4.00-$4.25 each, Bloomberg notes. Shares closed today down 13.2% to $5.01.

Underwriters will have a 30-day option to buy additional common stock in the offering, which has Oppenheimer as the sole book-runner.

Proceeds from the two offerings will fund operations and growth, the company says.

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