U.S. markets close in 4 hours 22 minutes
  • S&P 500

    4,645.83
    +78.83 (+1.73%)
     
  • Dow 30

    34,941.65
    +457.93 (+1.33%)
     
  • Nasdaq

    15,773.97
    +236.28 (+1.52%)
     
  • Russell 2000

    2,252.98
    +54.07 (+2.46%)
     
  • Crude Oil

    68.31
    +2.13 (+3.22%)
     
  • Gold

    1,785.60
    +9.10 (+0.51%)
     
  • Silver

    22.50
    -0.31 (-1.36%)
     
  • EUR/USD

    1.1329
    -0.0010 (-0.09%)
     
  • 10-Yr Bond

    1.4890
    +0.0460 (+3.19%)
     
  • GBP/USD

    1.3315
    +0.0013 (+0.10%)
     
  • USD/JPY

    112.8950
    -0.2850 (-0.25%)
     
  • BTC-USD

    58,724.34
    +1,037.30 (+1.80%)
     
  • CMC Crypto 200

    1,494.62
    +25.54 (+1.74%)
     
  • FTSE 100

    7,181.02
    +121.57 (+1.72%)
     
  • Nikkei 225

    27,935.62
    +113.86 (+0.41%)
     

Akoustis Buys Majority Ownership Position In RFM Integrated Device

  • Oops!
    Something went wrong.
    Please try again later.
·1 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.
  • Akoustis Technologies Inc (NASDAQ: AKTS) acquired a 51% majority ownership position of RFM Integrated Device, Inc. (RFMi), with the right to purchase the remaining 49% in 2022.

  • Akoustis paid $6.0 million in cash and $2.5 million in stock to Tai-Saw Technologies Co, Ltd (TST) for 51% of RFMi's stock. The company holds the option to acquire the remaining stake by June 30, 2022, for an additional $3.5 million in cash and $4.0 million in stock.

  • The transaction involves earn-out payments of up to $3.0 million based on the future operating results of RFMi.

  • Akoustis noted that the business is accretive, with a positive cash flow, and likely to contribute $0.500 million - $1 million in revenue in the December quarter.

  • "RFMi's products complement our patented XBAW platform and make it possible to accelerate the development of multi-chip modules that span 4G, 5G, Wi-Fi, and satellite technologies for multiple markets," Akoustis CEO Jeff Shealy said.

  • Akoustis held $88.3 million in cash and equivalents as of June 30.

  • Price Action: AKTS shares closed lower by 5.94% at $8.23 on Monday.

See more from Benzinga

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.