By Colin Kellaher
Akoustis Technologies has filed for chapter 11 bankruptcy with plans to sell its assets after the maker of radio-frequency filter products was ordered to pay nearly $60 million in a patent suit brought by Qorvo.
Akoustis on Monday said the move, which follows a total judgement of about $59 million in damages, fees and interest related to allegations of trade secret misappropriation and patent infringement, is aimed at ensuring its business is sold free and clear of any Qorvo infringement.
Akoustis said Gordon Brothers Commercial & Industrial has agreed to serve as the stalking horse, or lead, bidder for some of its assets in a court-supervised auction, adding that it plans to use the process to pursue the sale of its other assets.
Shares of Akoustis closed Friday at 6.8 cents, giving the Huntersville, N.C., company a market capitalization of roughly $10.5 million.
In premarket trading Monday, Akoustis shares were recently down 38% to 4.3 cents. Shareholders are generally wiped out in bankruptcy cases.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
December 16, 2024 06:07 ET (11:07 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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