Why Akoustis Technologies (AKTS) Stock Is Nosediving

Akoustis Technologies Inc AKTS shares are trading lower by 30.6% to $0.49 during Thursday’s session after the company announced the pricing of its underwritten public offering of 20 million shares of common stock at $0.50 per share. The expected gross proceeds are approximately $10.0 million.

What Else?

The offering is managed by Roth Capital Partners, and Akoustis intends to use the net proceeds for various purposes, including operations, business growth, capital expenditures, research and development, technology commercialization, potential strategic transactions and general corporate purposes.

The underwriters have a 30-day option to purchase up to 3 million additional shares. The closing of the offering is anticipated around January 29, subject to market conditions.

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According to data from Benzinga Pro, AKTS has a 52-week high of $4.96 and a 52-week low of $0.45.