EX-99.1 3 ea024225601ex99-1_atech.htm PRESS RELEASE DATED MAY 15, 2025 Exhibit 99.1 Akoustis Successfully Completes Sale of Assets to SpaceX Tune Holdings, A Wholly Owned Subsidiary of SpaceX, Acquires Substantially All of Akoustis’s Assets in Court-Approved Transaction CHARLOTTE, N.C.--(BUSINESS WIRE)-- Akoustis Technologies, Inc. (together with its wholly-owned subsidiaries Akoustis, Inc. and RFM Integrated Device Inc., “Akoustis” or the “Company”), an integrated device manufacturer (IDM) of patented bulk acoustic wave (BAW) high-band RF filters for mobile and other wireless applications, today announced that the Company has successfully completed the sale of substantially all of its assets to Tune Holdings Corp. (“Tune Holdings”), a wholly owned subsidiary of Space Exploration Technologies Corp. (“SpaceX”), in a going-concern transaction pursuant to Section 363 of the U.S. Bankruptcy Code (the “Transaction”). Through the Transaction and in compliance with the sale order entered by the U.S. Bankruptcy Court for the District of Delaware (the “Court”), Tune Holdings has acquired substantially all of Akoustis’s assets, with the exception of those owned by debtor Grinding and…
Open exhibit ↗Current Report · Items 2.01, 5.02, 5.03, 8.01, 9.01 · 8-K
ATECH (PARENT) RESOLUTION CORP.
Completion of Acquisition or Disposition of Assets · Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements · Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year · Other Events
Item 2.01. Completion of Acquisition or Disposition of Assets As previously disclosed, on December 15, 2024, the Company agreed to the form of a “stalking horse” asset purchase agreement (the “Stalking Horse APA”) with Gordon Brothers Commercial & Industrial, LLC, providing for the sale and purchase of certain assets related to the Debtors’ businesses (the “Akoustis Assets”).…
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Historical securities (1)
Disclosure sections
Item 2.01Item 2.01 - Completion of Acquisition
Item 2.01. Completion of Acquisition
or Disposition of Assets
As previously disclosed, on December 15, 2024,
the Company agreed to the form of a “stalking horse” asset purchase agreement (the “Stalking Horse APA”) with
Gordon Brothers Commercial & Industrial, LLC, providing for the sale and purchase of certain assets related to the Debtors’
businesses (the “Akoustis Assets”). Pursuant to the Debtors’ bidding procedures, as approved by the Court on January
13, 2025, and amended on February 20, 2025, and March 25, 2025 (the “Bidding Procedures”), the Stalking Horse APA was subject
to higher and better offers received during the Cases.
On April 25, 2025, in accordance with the Bidding
Procedures, the Debtors conducted an auction for the Akoustis Assets, which resulted in Tune Holdings Corp., a Texas corporation (“Purchaser”),
being named as the successful bidder for substantially all of the assets of the Company and two of its subsidiaries, ATech Resolution
Corp. (f/k/a Akoustis, Inc.), a Delaware corporation (“ATech”), and RF Chips Resolution Corp. (f/k/a RFM Integrated Device
Inc.), a Texas corporation and wholly owned subsidiary of ATech (“RF Chips” and, collectively with the Company and ATech,
“Sellers”). On the same date, Sellers, Purchaser, and Purchaser’s parent, Space Exploration Technologies Corp., a Texas
corporation, as guarantor of certain of Purchaser’s obligations thereunder (collectively, with the Sellers and Purchaser, the “Parties”),
entered into an asset purchase agreement (the “Purchase Agreement”), under which Purchaser agreed, subject to the terms and
conditions of the Purchase Agreement, to purchase certain assets and assume certain liabilities from the Sellers for a purchase price
of $30.2 million. On May 1, 2025, the Court approved the sale, and the sale was consummated by the Parties on May 15, 2025.
Item 5.02Item 5.02 - Departure/Election of Directors
Item 5.02 Departure
of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Kamran Cheema resigned from the Company’s
Board of Directors in connection with the sale of the Debtors’ assets to Purchaser, effective as of May 14, 2025.
Pursuant to the Purchase Agreement and effective
as of May 14, 2025, the positions of Kamran Cheema as Chief Executive Officer and Chief Product Officer of the Company and Kenneth Boller
as Chief Financial Officer of the Company terminated.
Item 5.03Item 5.03 - Amendments to Articles/Bylaws
Item 5.03. Amendments to Articles of Incorporation
or Bylaws; Change in Fiscal Year.
On May 15, 2025, the Company filed with the Secretary
of State of the State of Delaware a certificate of amendment to the Company’s certificate of incorporation, as amended (the “Certificate
of Amendment”), in connection with the below described Purchase Agreement. The Certificate of Amendment did not amend
the certificate of incorporation except to change the Company’s corporate name from “Akoustis Technologies,
Inc.” to “ATech (Parent) Resolution Corp.”, effective May 15, 2025.
The foregoing description of the Certificate
of Amendment is not complete and is subject to, and qualified in its entirety by, the complete text of the Certificate of Amendment,
which is filed as Exhibit 3.1 to this Current Report on Form 8-K and incorporated herein by reference.
Item 8.01Item 8.01 - Other Events
Item 8.01. Other Events
On April 25, 2025, in accordance with the Bidding
Procedures, the Debtors selected Silitronics Solutions Inc., a California corporation (“Silitronics”), as the successful bidder
for substantially all of the assets (the “GDSI Assets”) of Grinding and Dicing Services, Inc., a California corporation and
wholly owned subsidiary of ATech (“GDSI”), based on a bid valued at approximately $6 million. The Debtors intend to seek approval
for the contemplated sale of the GDSI Assets to Silitronics by the Bankruptcy Court in connection with the Cases.
On May 15, 2025, the Company issued a press release
announcing the consummation of the sale of the Akoustis Assets pursuant to the Purchase Agreement. A copy of the press release is attached
hereto as Exhibit 99.1 and is incorporated herein by reference.
Cautionary Statements Regarding Trading in
the Company’s Securities
Holders of the Company’s common stock are
cautioned that trading in the Company’s common stock during the pendency of the Cases is highly speculative and poses substantial
risks. Trading prices for the Company’s common stock may bear little or no relationship to the actual recovery, if any, by holders
thereof in the Cases. The Company currently does not expect that holders of the Company’s common stock will receive any payment
or other distribution in the Cases given the expected proceeds of the sale of its assets and the amount of the liabilities owed to more
senior creditors. Accordingly, the Company urges extreme caution with respect to existing and future investments in its common stock.
Cautionary Note Regarding Forward-Looking Statements
This Form 8-K includes “forward-looking
statements” within the meaning of Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act of 1934, each
as amended, that are intended to be covered by the “safe harbor” created by those sections. These forward-looking statements
include, but are not limited to, statements about the Company’s ability to sell any of its remaining assets; and the effect of the
Cases on the Company’s business prospects; financial results and business operations the transactions contemplated by the Purchase
Agreement; the Company’s financial projections and cost estimates; expectations regarding proceeds of the sales and the amount of
distributions to the Company’s creditors; the timing or amount of any distributions, if any, to the Company’s stakeholders,
and other statements regarding the Company’s strategy and future operations, performance and prospects among others. Forward-looking
statements include all statements that are not historical facts and typically are identified by use of terms such as: “may,”
“might,” “would,” “will,” “should,” “could,” “project,” “expect,”
“plan,” “strategy,” “anticipate,” “attempt,” “develop,” “help,”
“believe,” “think,” “estimate,” “predict,” “intend,” “forecast,”
“seek,” “potential,” “possible,” “continue,” “future,” and similar words (including
the negative of any of the foregoing), although not all forward-looking statements contain these words. These statements involve risks,
uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different
from the information expressed or implied by these forward-looking statements. Although the Company believes that it has a reasonable
basis for each forward-looking statement contained in this Form 8-K, the Company cautions you that these statements are based on a combination
of facts and factors currently known by it and its projections of the future, about which it cannot be certain. Forward-looking statements
are neither historical facts nor assurances of future results, performance, events or circumstances. Instead, these forward-looking statements
are based on management’s current beliefs, expectations and assumptions, and are subject to risks and uncertainties. These risks
and uncertainties include any adverse outcomes of any motions or appeals against the Company, and other risks and uncertainties, including
those more fully described in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2024 and subsequent Quarterly
Reports on Form 10-Q, and other factors detailed from time to time in the Company’s filings with the Securities and Exchange Commission.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. Description
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3.1 Certificate of Amendment of Certificate of Incorporation, as amended, of ATech (Parent) Resolution Corp. (f/k/a Akoustis Technologies, Inc.), dated May 15, 2025.
99.1 Press Release dated May 15, 2025.
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)