Resonant agrees to sell $7.5 million in stock to Longboard
Goleta-based radio frequency front-end designer Resonant agreed to allow its stockholder Longboard Capital Advisors to purchase $7.5 million worth of stock and stock warrants.
Expected to close Feb. 22, each unit in the offering will be sold for $4.61, the average closing price for Resonant common stock between Feb. 3 and Feb. 16. In addition, each unit includes a two-year warrant to purchase a share for $8.25, starting in August.
Longboard was an early investor and led the company’s financing round in September.
“It’s through investor confidence from firms like Longboard that we have been able to focus on customer acquisition, socket expansion and delivering solutions with increasing complexity to our customers,” CEO George Holmes said in a news release Feb. 21.
Proceeds from the round will go toward product and business development, Holmes added, and will help the company further commercialize and license its designs, resulting in increased royalty revenues.
Details of the offering will be included in an 8-K filing with the U.S. Securities and Exchange Commission and Resonant will be required to file a resale registration statement no later than April 15.
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