Resonant Inc Reverberates with Investors on Big First Day

Designer of innovation radio frequency filters,

exploded in early trading, opening 75 percent above its $6 IPO price. Marked by a pop to $11.54 in the first minute of trading, the high was set, leaving the stock to implode as the price raced to the lows. By 10:42 a.m., twelve minutes after opening, the stock was down to $8.75 where it continued to bounce for the remainder of the day before closing at $9.10. IPO investors fared well today, enjoying a hearty 52 percent return. Resonant sold 2.7 million shares to raise $16.2 million through sole underwriter MDB Capital Group. Resonant develops radio frequency filters for the mobile device industry. Using Infinite Synthesized Networks, a new technology developed by the company to configure resonators, the company can better reject unwanted signals from a desired user input. According to their most recent filing, proceeds will be used for, “product development to commercialize our technology, research and development, the development of our patent strategy and expansion of our patent portfolio.” The company can also use proceeds to, “acquire or invest in technologies, solutions or businesses that complement our business.” At the time of the filing, it has not committed to any such transaction.