Akoustis Technologies, Inc. (NASDAQ: AKTS) shares have demonstrated a noteworthy ascent on the market charts today, registering an increase of 8.37% to reach $0.62 as of the latest pre-market session assessment. This surge serves to counterbalance the 3.71% decline experienced during the regular session yesterday. The positive momentum in Akoustis stock is attributed to a series of insider transactions disclosed in SEC filings on the preceding day.
As delineated in the SEC filings dated Wednesday, it was disclosed that several executives of Akoustis (AKST) collectively acquired 1.5 million shares of the company. This investment amounted to $750,000 at a per-share cost of $0.5. CEO Jeffrey B. Shealy acquired 1,310,000 shares, EVP of Business Development David Aichele acquired 80,000 shares, CFO Kenneth Boller secured 60,000 shares, and Director Arthur Geiss purchased 50,000 shares.
In a concurrent financial move, AKST also finalized the closure of its previously announced public offering. Akoustis concluded an underwritten public offering comprising 20,000,000 shares of its common stock, priced at $0.50 per share for the public.
This figure includes the full exercise of the underwriter’s option to acquire an additional 3,000,000 shares, resulting in a total offering of 23,000,000 shares of the company’s common stock. After deducting the underwriting discount and estimated offering expenses, Akoustis netted approximately $10.4 million.
Notably, Akoustis recently secured a Tier-1 design win for a wireless Battery Management System (wBMS) chipset in Electric Vehicles (EVs) from a prominent automotive product supplier serving the OEM. The design incorporates Akoustis’ 2.4 GHz Bulk Acoustic Wave (BAW) filter, an automotive-grade, high-performance solution tailored for the Industrial, Scientific, and Medical (ISM) radio bands.
The ISM band solutions are typically utilized for low-power communication needs with short-range capabilities. In the specified design, the Akoustis filter facilitates communication from the control unit to each battery module constituting the battery bank.
Akoustis has received initial orders from the Tier-1 customer, supporting customer development efforts leading to production scaling in the first quarter of the calendar year 2025.
