Resonant raising $6 million in stock offering
Resonant, a Goleta-based manufacturer of technology for the mobile device industry, will raise $6 million in an offering to various institutional and individual investors.
The company made the announcement before markets opened April 22. The cash is a lifeline that will allow the late-stage development company to survive a little longer. On March 23, the company said it only had enough cash to survive through the end of June.
As of Dec. 31, the company had cash and cash equivalents of just $2.5 million, down from $5.8 million in 2014. Resonant also had assets of $7.57 million, down from $15.5 million in 2014.
Since it’s launch in 2012, the company has had no revenue as it continues development of a smartphone component called a duplexer, which is a set of filters that selects which radio frequencies to use for sending and receiving signals and blocks unwanted signals.
Each unit in the private offering will sell for $2.86 per share. Resonant’s stock has trended up in recent weeks from $2.57 on April 5 to $2.90 on April 21.
• Contact Philip Joens at [email protected]