Proceeds used for research, development, interest on convertible notes
By Devika Patel
Knoxville, Tenn., June 3 - Resonant Inc. said the underwriters for its initial public offering of stock opted to exercise the deal's $2.43 million greenshoe in full for total proceeds of $18.63 million. The deal was announced Jan. 24 and priced for $16.2 million with the greenshoe on May 29.
The company sold 3,105,000 common shares at $6.00 per share. Of the shares, 405,000 were part of the fully exercised greenshoe.
MDB Capital Group LLC was 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
|
| Amount: | $18.63 million (including $2.43 million greenshoe)
|
| Shares: | 3,105,000
|
| Price: | $6.00
|
| Warrants: | No
|
| Bookrunner: | MDB Capital Group, LLC
|
| Announcement date: | Jan. 24
|
| Pricing date: | May 29
|
| Settlement date: | June 3
|
| Stock exchange: | Nasdaq: RESN
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
