Proceeds used for research, development, interest on convertible notes
By Devika Patel
Knoxville, Tenn., May 29 - Resonant Inc. said it priced its $16.2 million initial public offering of stock with a $2.43 million greenshoe. The deal was announced Jan. 24.
The company will sell 2.7 million common shares at $6.00 per share.
MDB Capital Group LLC is the sole bookrunning manager for the firm-commitment offering.
Proceeds will be used for research and development, to pay interest on the company's $9.4 million convertible promissory notes and for working capital and general corporate purposes.
The Santa Barbara, Calif., company creates filter designs for radio frequency front-ends for the mobile device industry. The company expects its shares will trade on the Nasdaq under the symbol "RESN."
| Issuer: | Resonant Inc.
|
| Issue: | Common stock
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| Amount: | $16.2 million
|
| Greenshoe: | $2.43 million
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| Shares: | 2.7 million
|
| Price: | $6.00
|
| Warrants: | No
|
| Bookrunner: | MDB Capital Group, LLC
|
| Announcement date: | Jan. 24
|
| Pricing date: | May 29
|
| Stock exchange: | Nasdaq: RESN
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