Resonant, a US-based company that is developing filter designs for radio frequency, has raised $16.2m in an initial public offering, issuing 2.7 million shares priced at $6.00 each.
Superconducting technology company Superconductor Technologies is Resonant’s second largest shareholder, with a 18.5% stake, behind Lone Wolf Holdings, a fund that acts as a vehicle for entrepreneur Peter Appel’s investments, which holds 24.1%. Neither sold shares in the offering.
The company plans to use $6.7m of the proceeds to commercialise its technology, which will be used in mobile devices, $1.2m for research and development, and $1.7m to develop its patent portfolio.
A further $400,000 will pay of interest accrued on $7m of convertible notes issued to MDB Capital in July 2013. MDB also acted as the managing underwriter for the offering.