HUNTERSVILLE, NC – Akoustis Technologies, Inc. (NASDAQ: NASDAQ:AKTS), a company specializing in telephone and telegraph apparatus manufacturing, reported a significant change in its executive team in a recent SEC filing. David M. Aichele, the Executive Vice President of Business Development, has resigned from his position, effective July 22, 2024. According to the filing, Aichele's departure does not stem from any disagreements with the company's operations, policies, or practices.
Following Aichele's resignation, Colin Hunt will take over the responsibilities as the new Vice President of Sales & Business Development. The transition is set to occur immediately upon Aichele's departure.
The company, headquartered at 9805 Northcross Center Court, Suite A, Huntersville, NC, and incorporated in Delaware, is listed on the Nasdaq Capital Market. Akoustis Technologies has not disclosed further details regarding the reasons for Aichele's resignation or the qualifications of Colin Hunt, his successor.
This executive change comes as part of the company's current reporting obligations under the Securities and Exchange Act of 1934. The information provided in this article is based on the statements from the press release issued by Akoustis Technologies, Inc.
In other recent news, Akoustis Technologies, a manufacturer of high-band RF filters, announced an $8 million order for Wi-Fi 6E and 7 access point filters and secured $2 million filter orders for Wi-Fi 7 routers. The company also reported a 7% revenue increase to $7.5 million in Q3 FY2024.
Despite the termination of a Wi-Fi 6E program, Akoustis remains optimistic about the Wi-Fi 7 market and is preparing to increase production. B.Riley, in response to the company's Q3 earnings report, adjusted the price target for Akoustis Technologies to $0.75, maintaining a Neutral rating.
In an effort to raise around $10 million, Akoustis launched a direct stock offering of 50 million shares, a transaction managed by Roth Capital Partners. The company is also taking steps to reduce expenses and cash burn, aiming for operating cash flow breakeven within the next nine months. These recent developments highlight Akoustis's dedication to meeting the growing demand for high-speed internet connectivity and its strategic approach towards financial management.
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