National Securities was the bookrunner; proceeds fund working capital
By Devika Patel
Knoxville, Tenn., Sept. 14 – Resonant Inc. said the underwriters for its public offering of stock opted to exercise the deal’s $1.51 million greenshoe in full, lifting total proceeds of the offering to $11.54 million. The deal was announced Sept. 8 and priced for $10.03 million with the greenshoe on Sept. 9.
The company sold 2,715,000 common shares at $4.25 per share. The price per share is a 16.83% discount to the Sept. 8 closing share price of $5.11. Of the shares, 354,130 were part of the fully exercised greenshoe.
National Securities Corp. was the bookrunner.
Proceeds will be used for working capital, capital expenditures and other general corporate purposes, and for product development.
The Santa Barbara, Calif., company creates filter designs for radio frequency front-ends for the mobile device industry.
| Issuer: | Resonant Inc.
|
| Issue: | Common stock
|
| Amount: | $11,538,750, including $1.51 million greenshoe
|
| Greenshoe: | $1,505,053, or 354,130 shares
|
| Shares: | 2,715,000
|
| Price: | $4.25
|
| Warrants: | No
|
| Bookrunners: | National Securities Corp.
|
| Announcement date: | Sept. 8
|
| Pricing date: | Sept. 9
|
| Settlement date: | Sept. 14
|
| Stock symbol: | Nasdaq: RESN
|
| Stock price: | $5.11 at close Sept. 8
|
| Market capitalization: | $79.33 million
|
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