Resonant Closes Private Placement Of About $6 Million

Resonant Inc. RESN revealed it closed its previously announced private placement of units with different institutional and individual accredited investors, as well as some of its officers and directors. According to the company, it raised gross proceeds of about $6 million from the Offering.

Resonant said each unit cost $2.985 and comprised of one share of the par value $0.001 per share, and one warrant to purchase one share of Common Stock at an exercise price of $2.86 per share. The company added that the warrant would be exercisable for a period between six months and three years from the closing of the Offering.

The company indicated it would use the net proceeds from the fund raising to continue its product development efforts and business development activities, and for general and administrative purposes.

On Monday, the stock traded higher by 2.8 percent.