• Some of the company’s assets were purchased by a SpaceX subsidiary.
• Its remaining assets are being liquidated under the Chapter 11 bankruptcy filing.
• Shareholder equity was wiped out.

Just because a company enters bankruptcy with a plan does not mean things will go the way executives filing for Chapter 11 bankruptcy hope.

In many cases, vendors who agreed to an initial deal demand changes or drop out altogether. Sometimes there’s a stalking horse offer that gets outbid, and in other cases, the bankruptcy court decides that the deal presented is not in the best interests of the most parties.

Essentially, once a company files for Chapter 11 bankruptcy protection, it’s giving up control.

Akoustis, a company that offers Wi-Fi solutions, learned this when it filed Chapter 11 bankruptcy last December, and the process didn’t go entirely as expected.

The news of the filing was reported by Financier World.

“The voluntary Chapter 11 filing follows Akoustis’ recent legal case with Qorvo, Inc., in which Akoustis was ordered to pay a total judgement of approximately $59m in damages, fees and interest related to allegations of trade secret misappropriation and patent infringement,” the company shared.

Key Akoustis Chapter 11 bankruptcy numbers

• Filing date: December 2024
• Litigation liability: $59 million judgment to Qorvo
• Asset sale price: $30.2 million cash and liabilities sold to a SpaceX subsidiary Source: Bondoro

What is Akoustis?

While you have almost certainly never heard of Akoustis, the company plays a key role in a number of industries.

“Akoustis is an RF BAW filter company that targets high-power, high-frequency, and ultra-wideband solutions for Wi-Fi AP, 5G/6G Infrastructure & Mobile, Automotive, Defense, IoT, Satcom, and other markets,” it shared on its website.

The company’s key focus areas include:

• Developed and manufactured high-performance RF filters for wireless communication devices.
• Specialized in Bulk Acoustic Wave (BAW) filters, used to block unwanted signals and improve performance in high-frequency bands.
• Targeted 5G, Wi-Fi, and defense applications requiring clean and efficient RF signal processing.
• Operated its own 125,000 sq ft MEMS chip fabrication facility in Canandaigua, New York, one of few independent U.S. BAW fabrication facilities.

Akoustis sold part of its business

When Akoustis filed for Chapter 11 bankruptcy, a sale was the plan.

“To support the sale process, Akoustis has entered into a stalking horse asset purchase agreement with Gordon Brothers Commercial & Industrial, LLC for certain assets of the company,” Financier World reported.

The company ended up selling a large part of its business to Tune Holdings, an entity owned by Elon Musk’s SpaceX.

“Through the Transaction and in compliance with the sale order entered by the U.S. Bankruptcy Court for the District of Delaware (the “Court”), Tune Holdings has acquired substantially all of Akoustis’s assets, with the exception of those owned by debtor Grinding and Dicing Services, Inc., for approximately $30.2 million in cash and the assumption of certain liabilities,” according to a press release.

The bankruptcy court supported the sale partially because it preserved jobs.

“We are pleased to close this strategic transaction, which will maximize value for our creditors and preserve the vast majority of our employees’ jobs,” said Akoustis Finance Transformation Officer Mark Podgainy.

It is expected that even when all assets are sold, shareholder equity will be wiped out.

A subsidiary of SpaceX bought many of Akoustis’ assets.

JIM WATSON/AFP via Getty Images

Akoustis assets sold to SpaceX

The assets acquired by SpaceX include:

• Intellectual Property: Patented bulk acoustic wave (BAW) high-band RF filter technologies, which are critical for mobile and wireless applications.
• Manufacturing Facilities: Akoustis operated a 125,000 sq. ft. chip fabrication facility, which is now under Tune Holdings’ control.
• Customer Contracts and Relationships: Existing agreements and relationships with customers in the RF filter market.
• Employee Infrastructure: The majority of Akoustis’s employees have been retained, ensuring continuity in operations and support for customers worldwide. Source: Business Wire

Assets not included in the Akoustis sale

• The sale did not include assets owned by Grinding and Dicing Services, Inc. (GDSI), a separate debtor entity affiliated with Akoustis. These assets remain part of the ongoing bankruptcy proceedings.

Akoustis is liquidating its remaining assets

Following the asset sale, Akoustis Technologies has moved forward with a liquidation plan under Chapter 11. A plan administrator has been appointed to oversee the wind-down of the remaining business operations and to reconcile creditor claims.

“This indicates that the company is not emerging as a going concern but is instead liquidating its remaining assets to satisfy outstanding obligations, according to Law360.

Akoustis bankruptcy at a glance

• Akoustis filed a voluntary Chapter 11 bankruptcy petition in the U.S. Bankruptcy Court for the District of Delaware in December 2024.
• The filing followed a legal judgment in favour of Qorvo, Inc. (a competitor) ordering Akoustis to pay approximately US$59 million (damages, fees, interest) for trade secret misappropriation/patent infringement.
• As part of the Chapter 11 process, Akoustis entered into a “stalking horse” asset purchase agreement with Gordon Brothers Commercial & Industrial, LLC for certain assets.
• Subsequently, in May 2025 it was announced that a subsidiary of SpaceX (Tune Holdings) acquired substantially all of Akoustis’s assets for about $30.2 million in cash plus assumption of certain liabilities.
• The company’s common stock was delisted from the NASDAQ on May 23, 2025.
• Sources: ir.nasdaq.com, PacerMonitor