Resonant (RESN) Prices 2.36M Share Stock Offering for Proceeds of ~$10M
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Resonant Inc. (Nasdaq: RESN) announced the pricing of an underwritten public offering of 2,360,870 shares of its common stock at a price to the public of $4.25 per share, for gross proceeds of approximately $10.0 million. The Company has also granted to the underwriters a 30-day option to purchase, at the same price per share as the underwriters paid for the initial shares, an additional 354,130 shares to cover over-allotments in connection with the offering, which if exercised in full would increase the gross proceeds to approximately $11.5 million.
The offering is expected to close on or about September 14, 2016, subject to customary closing conditions. National Securities Corporation, a wholly owned subsidiary of National Holdings, Inc. (NASDAQ: NHLD), is acting as the sole book-running manager of the offering. The Liquid Venture Partners group at National Securities is responsible for sourcing and executing the offering.
Resonant intends to use the net proceeds from the offering for working capital, capital expenditures and other general corporate purposes, and for product development. Resonant also may use a portion of the proceeds to finance potential acquisitions and investments in companies or products that are complementary to its business if and when suitable opportunities arise. The shares described above are being offered by Resonant pursuant to a registration statement previously filed with and subsequently declared effective by the Securities and Exchange Commission.
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