Core Viewpoint - Akoustis Technologies, Inc. has voluntarily filed for Chapter 11 bankruptcy to facilitate the sale of its business while ensuring continuity in operations and addressing a recent legal judgment against it [1][2]. Company Overview - Akoustis is an integrated device manufacturer specializing in patented bulk acoustic wave (BAW) high-band RF filters for mobile and wireless applications [1][8]. - The company utilizes its proprietary XBAW® manufacturing process to produce advanced RF filters, targeting higher bandwidth and operating frequencies compared to traditional technologies [8]. Legal Context - The Chapter 11 filing follows a court ruling that ordered Akoustis to pay approximately $59 million in damages related to trade secret misappropriation and patent infringement claims by Qorvo, Inc. [1][2]. - The company aims to ensure that the business sold is free from any Qorvo infringement through a court-supervised cleansing process [2]. Sale Process - Akoustis has entered into a stalking horse asset purchase agreement with Gordon Brothers Commercial & Industrial, LLC, to anchor the sale process [2]. - The company is actively seeking the highest or best bid for its assets while managing operations efficiently during the sale process [3]. Operational Continuity - Akoustis has filed customary "first day" motions to facilitate ongoing operations, including the payment of employee wages and benefits, and payments to critical vendors [3]. - The company maintains sufficient liquidity to continue normal business operations throughout the Chapter 11 process [3].
Akoustis to Pursue Strategic Sale of its Business Through Voluntary Chapter 11 Process