Current Report Filing (8-k)
December 15 2017 - 3:48PM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported):
December 11, 2017
Akoustis
Technologies, Inc.
(Exact
name of registrant as specified in its charter)
Delaware
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001-38029
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33-1229046
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(State or Other Jurisdiction
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(Commission File
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(I.R.S. Employer
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of Incorporation)
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Number)
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Identification Number)
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9805
Northcross Center Court, Suite H
Huntersville,
NC 28078
(Address
of principal executive offices, including zip code)
704-997-5735
(Registrant’s
telephone number, including area code)
Not
Applicable
(Former
name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions (
see
General Instruction A.2. below):
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☐
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Written communications pursuant to
Rule 425 under the Securities Act (17 CFR 230.425)
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☐
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Soliciting material pursuant to Rule
14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐
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Pre-commencement communications pursuant
to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☑
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
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Item 1.01
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Entry
into a Material Definitive Agreement
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Private
Placement
On each of December 11,
2017 and December 15, 2017, Akoustis Technologies, Inc. (the “Company”) held a closing (together the “December
Closings”) of a private placement offering (the “Offering”) in which the Company sold 1,476,865 shares of its
common stock, par value $0.001 per share (the “Common Stock”) to accredited investors, at a purchase price of $5.50
per share (the “Offering Price”) for aggregate gross proceeds of approximately $8,122,757. The Offering concluded with
the closing on December 15, 2017. As previously reported in the Company’s Current Reports on Form 8-K, filed with the Securities
and Exchange Commission (the “SEC”) on November 17, 2017 (the “November 8-K”) and December 7, 2017 (the
“December 8-K” and together with the November 8-K, the “Prior 8-Ks”), the Company previously sold 1,163,954
shares of Common Stock in the Offering, bringing the total number of shares of Common Stock subscribed for in the Offering to 2,640,819
shares, for aggregate gross proceeds before expenses of $14,524,504. The Offering was exempt from registration under Section 4(a)(2)
of the Securities Act of 1933, as amended (the “Securities Act”), in reliance upon the safe harbor provided by Rule
506(b) of Regulation D.
The investors in the
December Closings purchased Common Stock on the same terms and conditions described in the Prior 8-Ks, including the price-protection
terms described in the December 8-K. Investors in the December Closings also became a party to the Registration Rights Agreement
described in the November 8-K. For a description of the terms and conditions of the Offering, the price-protection terms, and of
the Registration Rights Agreement, see “Item 1.01 Entry into a Material Definitive Agreement” in each of the Prior
8-Ks. The descriptions of such terms and conditions in the Prior 8-Ks are specifically incorporated herein by reference.
In connection with the
December Closings, the Company agreed to pay cash commissions of up to approximately $788,562 to certain placement agents, each
of which is a registered U.S. broker-dealer (collectively, the “Placement Agents”). In addition, the Company is obligated
to issue to the Placement Agents additional warrants to purchase approximately 154,177 shares of Common Stock. In total, warrants
to purchase approximately (i) 88,507 shares of Common Stock at a purchase price of $5.50 per share and (ii) 65,670 shares of Common
Stock at a purchase price of $8.16 per share are issuable to the Placement Agents in connection with the Offering. The warrants
are exercisable after six months and have a five and a half-year term.
Amendments
to Subscription Agreements
On
December 11, 2017, the Company completed the execution of amendments to each of the subscription agreements (the “May Subscription
Agreements”) by and among the Company and the investors in the Company’s May 2017 private placement offering of Common
Stock (the “May Offering”). The May Subscription Agreements provided that if the Company were to issue additional
shares of Common Stock or Common Stock equivalents (subject to customary exceptions) (the “Lower Price”), each investor
in the May Offering would be entitled to receive from the Company additional shares of Common Stock equal to (i)(a) the total
purchase price paid for the shares in the May Offering that are then held by the investors, divided by (b) 90% of the Lower
Price, minus (ii) the number of shares in the May Offering that are then held by the investors. The amendments to the May Subscription
Agreements amend these price protection provisions to provide that the additional shares of Common Stock issuable pursuant to
such provisions will equal (i)(a) the total purchase price paid for the shares in the May Offering that are then held by the investors,
divided by (b) 90% of the greater of (A) the Lower Price and (B) $5.50, minus (ii) the number of shares in the May Offering
that are then held by the investors.
The
foregoing description of the amendments to the May Subscription Agreements is qualified in its entirety by reference to the text
therefor, which is filed as Exhibit 10.2 hereto and incorporated herein by reference.
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Item 3.02
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Unregistered
Sales of Equity Securities
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The
information set forth under “Private Placement” in Item 1.01 above is incorporated herein by reference.
The
shares of Common Stock issued in the Offering have not been registered under the Securities Act and may not be offered or sold
in the United States absent registration or an applicable exemption from registration requirements. This Current Report on Form
8-K is neither an offer to sell any securities, nor a solicitation of an offer to buy any securities, nor will there be any offer
or sale of any securities in any state or jurisdiction absent registration or compliance with an applicable exemption from registration
requirements.
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Item 9.01
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Financial
Statements and Exhibits.
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(d)
Exhibits:
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
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AKOUSTIS TECHNOLOGIES, INC.
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By:
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/s/
John T. Kurtzweil
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Name:
John T. Kurtzweil
Title: Chief Financial Officer
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Date:
December 15, 2017
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