03:56 AM EST, 12/16/2024 (MT Newswires) -- Akoustis Technologies ( AKTS ) said Monday it filed for a Chapter 11 relief in a bankruptcy court for the District of Delaware.

The move follows a recent court ruling ordering the company to pay $59 million in damages and fees in a patent dispute with Qorvo ( QRVO ) , the company said.

The filing will provide the company with flexibility while it pursues a strategic sale of its business.

The company said it filed customary "first day" motions to ensure sufficient liquidity for employee wages and benefits, payments for critical suppliers and other standard relief measures.