Akoustis Technologies, Inc. agreed to acquire a 51% stake in RFM Integrated Device, Inc. from Tai-Saw Technology Co.,Ltd. for $11.5 million.
October 17, 2021
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Akoustis Technologies, Inc. (NasdaqCM:AKTS) agreed to acquire a 51% stake in RFM Integrated Device, Inc. from Tai-Saw Technology Co.,Ltd. (TPEX:3221) for $11.5 million on October 18, 2021. Akoustis Technologies, Inc. will pay $6 million in cash and approximately $2.5 million payable in unregistered shares of common stock of the Akoustis Technologies, Inc. Additionally, earn-out payments aggregating up to $3 million payable in cash and/or shares of common stock of Akoustis Technologies, Inc. may be payable to Tai-Saw Technology Co.,Ltd. based on the future operating results of RFM Integrated Device, Inc. It is a bolt-on RF filter business acquisition which is immediately accretive to Akoustis financials from a cash flow perspective. Akoustis Technologies, Inc. has the option to acquire the remaining 49% ownership interest in RFM Integrated Device, Inc. from Tai-Saw Technology Co.,Ltd. on or before June 30, 2022, for an additional $3.5 million in cash and approximately $4.0 million in unregistered shares of common stock of Akoustis Technologies, Inc.
TAI-SAW TECHNOLOGY CO.,LTD. is a Taiwan-based company principally engaged in the research, development, design, manufacture and sales of wired and radio communication components and system equipment. The Company's main products include frequency components and others. The Company is also involved in the research, development, manufacture and sales of computer hardware and peripheral equipment components, as well as the manufacture and packaging of integrated circuits. The Company's products are mainly used in mobile phones, data communications, wireless remote controls, game consoles, anti-theft devices, wireless local area networks, global positioning systems (GPSs), medical passport systems and digital broadcasting. The Company distributes its products in domestic market and to overseas markets.