Benzinga | Feb 23, 2021 09:03AM EST

Akoustis Raises $35.6M In Two Equity Offerings

* Akoustis Technologies, Inc. (NASDAQ: AKTS) priced 1.5 million shares at $14.36 per share to raise $21.5 million in a secondary offering.

* The offering price signifies a 7.4% discount to the Monday closing price of $15.5 and is expected to close today.

* The company previously raised $14.1 million in a separate offering between February 4, 2021, and February 17, 2021.

* Akoustis previously announced a 500% capacity expansion at its New York fab, which is expected to be completed by June 2021.

* The company recently doubled its manufacturing capacity to support the growing demand for 5G handsets, WiFi 6E, and other customers in calendar 2022 and beyond.

* Akoustis is aggressively delivering WiFi 6 tandem filter solutions, multiple 5G small cell XBAW filter solutions, initial designs of its new 5G mobile filter solutions, and entering the market with its WiFi 6E coexistence XBAW filter solutions.

* Price action: AKTS shares are down 6.45% at $14.50 in the pre-market session on the last check Tuesday.