Key US defense contractor liquidates in Chapter 11 bankruptcy

Core Insights - Akoustis filed for Chapter 11 bankruptcy in December 2024, following a legal judgment of approximately $59 million against it related to trade secret misappropriation and patent infringement [2][6] - The bankruptcy process has not gone as planned, with vendors demanding changes and some dropping out, indicating a loss of control for the company [1] - A portion of Akoustis' assets was sold to a subsidiary of SpaceX for $30.2 million, while the remaining assets are being liquidated [5][6] Company Overview - Akoustis is an RF BAW filter company that specializes in high-power, high-frequency, and ultra-wideband solutions for various markets, including Wi-Fi, 5G/6G infrastructure, automotive, defense, IoT, and Satcom [4] - The company operated a 125,000 square foot MEMS chip fabrication facility in Canandaigua, New York, which is one of the few independent U.S. BAW fabrication facilities [7] Bankruptcy Details - The filing date for Akoustis' Chapter 11 bankruptcy was December 2024 [6] - The company entered into a stalking horse asset purchase agreement with Gordon Brothers Commercial & Industrial, LLC for certain assets to support the sale process [8]