Resonant Closes $11.5 Million Public Offering of Its Common Stock
September 14 2016 - 10:45AM
Business Wire
Resonant Inc. (NASDAQ: RESN), a designer of filters for radio
frequency, or RF, front-ends that specializes in delivering designs
for difficult bands and complex requirements, today announced the
closing of an underwritten public offering for 2,715,000 shares of
its common stock, which includes the exercise in full by the
underwriters of their over-allotment option, at a per share price
to the public of $4.25. The Company will receive gross proceeds of
approximately $11.5 million from the offering.
“We would like to thank our investors for their continued
confidence in management’s execution of the business plan and
ultimate vision for Resonant,” said Terry Lingren, CEO and
Co-Founder of Resonant. “These proceeds will not only allow us to
continue to drive on-going customer acquisition and execute on the
business before us, but also extend and improve the capabilities of
our EDA platform.
“We intend to do this by capitalizing on the work we are doing
with current customers across multiple filter manufacturers and
foundries, further expanding our IP portfolio and increasing the
opportunities to commercialize our ISN design platform
technology.”
Lingren concluded: “Combined with current cash, we believe this
financing will provide sufficient capital, in the absence of
revenue, to fund our planned operations into 2018.”
National Securities Corporation, a wholly owned subsidiary of
National Holdings, Inc. (NASDAQ: NHLD), acted as the sole
book-running manager of the offering. The Liquid Venture Partners
group at National Securities was responsible for sourcing and
executing the offering. Counsel for Resonant was Stubbs Alderton
& Markiles, LLP, while Greenberg Traurig LLP served as counsel
for National Securities.
About Resonant® Inc.
Resonant is creating innovative filter designs for the RF
front-end, or RFFE, for the mobile device industry. The RFFE is the
circuitry in a mobile device responsible for the radio frequency
signal processing and is located between the device’s antenna and
its digital baseband. Filters are a critical component of the RFFE
that selects the desired radio frequency signals and rejects
unwanted signals and noise.
About Resonant’s ISN® Technology
Resonant can create designs for hard bands and complex
requirements that we believe have the potential to be manufactured
for half the cost and developed in half the time of traditional
approaches. The Company’s large suite of proprietary mathematical
methods, software design tools and network synthesis techniques
enable it to explore a much bigger set of possible solutions and
quickly derive the better ones. These improved filters still use
existing manufacturing methods (i.e. SAW) and can perform as well
as those using higher cost methods (i.e. BAW). While most of the
industry designs surface acoustic wave filters using a
coupling-of-modes model, Resonant uses circuit models and physical
models. Circuit models are computationally much faster, and
physical models are highly accurate models based entirely on
fundamental material properties and dimensions. Resonant’s method
delivers excellent predictability, enabling achievement of the
desired product performance in roughly half as many turns through
the fab. In addition, because Resonant’s models are fundamental,
integration with its foundry and fab customers is eased because its
models speak the “fab language” of basic material properties and
dimensions.
Safe Harbor/ Forward-Looking Statements
This press release contains forward-looking statements, which
include the following subjects, among others: the manner in which
the Company intends to use the net proceeds of the offering, the
effects such proceeds will have on customer acquisition and IP
development, and the amount of time the proceeds will allow the
Company to operate without additional financing. Forward-looking
statements are made as of the date of this document and are
inherently subject to risks and uncertainties which could cause
actual results to differ materially from those in the
forward-looking statements, including, without limitation, the
following: our limited operating history; our ability to complete
designs that meet customer specifications; the ability of our
customers (or their manufacturers) to fabricate our designs in
commercial quantities; the ability of our designs to significantly
lower costs compared to other designs and solutions; the risk that
the intense competition and rapid technological change in our
industry renders our designs less useful or obsolete; our ability
to find, recruit and retain the highly skilled personnel required
for our design process in sufficient numbers to support our growth;
our ability to manage growth; and general market, economic and
business conditions. Additional factors that could cause actual
results to differ materially from those anticipated by our
forward-looking statements are under the captions “Risk Factors”
and “Management’s Discussion and Analysis of Financial Condition
and Results of Operations” in our most recent Annual Report (Form
10-K) or Quarterly Report (Form 10-Q) filed with the Securities and
Exchange Commission. Forward-looking statements are made as of the
date of this release, and we expressly disclaim any obligation or
undertaking to update forward-looking statements.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160914005927/en/
Investor Relations Contact:MZ North AmericaMatt Hayden,
1-949-259-4986Matt.hayden@MZGroup.us
Resonant (NASDAQ:RESN)
Historical Stock Chart
From Apr 2024 to May 2024
Resonant (NASDAQ:RESN)
Historical Stock Chart
From May 2023 to May 2024