Akoustis Technologies Faces Delisting From Nasdaq Due to Non-Compliance

On December 17, 2024, Akoustis Technologies, Inc. (NASDAQ: AKTS) received notification from the Office of General Counsel of The Nasdaq Stock Market that its shares face delisting from Nasdaq due to non-compliance with the exchange’s listing standards. The Nasdaq Hearings Panel decided to delist the company’s shares as Akoustis did not meet the requirement to maintain a minimum bid price of $1.00 for continued listing on the Nasdaq Capital Market.

Akoustis had previously disclosed its inability to comply with Nasdaq Listing Rule 5550(a)(2) and had voluntarily sought protection under Chapter 11 of the U.S. Bankruptcy Code. This additional factor further contributed to the decision for delisting. Despite the right to appeal Nasdaq’s determination, Akoustis has stated that it will not pursue an appeal.

The trading of Akoustis Technologies’ common stock will be suspended at the opening of business on December 18, 2024. Nasdaq is expected to file a Form 25-NSE with the Securities and Exchange Commission (SEC) to remove the company’s common stock from listing and registration on Nasdaq.

The company issued a cautionary note to its security holders, warning them of the speculative nature of trading during the ongoing chapter 11 cases. Akoustis emphasized the substantial risks involved, indicating that holders of common stock or other equity securities might not receive any payment or distribution given the company’s financial situation and liabilities.

Akoustis Technologies, based in Huntersville, NC, can be reached at 704-997-5735. For further updates, investors are advised to stay tuned to the company’s communications and disclosures.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Akoustis Technologies’s 8K filing here.

About Akoustis Technologies

Akoustis Technologies, Inc, through its subsidiary, Akoustis, Inc, designs, develops, manufactures, and sells radio frequency (RF) filter products for the mobile wireless device industry in the United States, Asia, Europe, and internationally. It operates through Foundry Fabrication Services and RF Filters segments.