March 22, 2018 update: Resonant announced it will offer 5,714,286 shares of common stock at $3.50 per share, which will yield gross proceeds of approximately $20 million. The underwriters have a 30-day option to purchase an additional 857,142 shares at the same price paid for their initial shares, to cover over-allotments from the offering. If fully exercised, this will increase the gross proceeds to approximately $23 million.

While pursuing design wins to generate production revenue, mobile filter start-up  Resonant plans to sell shares of common stock in a public offering, although the timing and size have not been defined.

In a press release, Resonant said the net funds raised will be used for working capital, capital expenditures, product development, acquisitions, complementary investments and “other general corporate purposes.”

At the end of the December quarter, Resonant had $19.5 million in cash and equivalents, which the company said was sufficient to fund operations into the second half of 2018. The company’s total revenue in 2017 was $653,000, largely from development contracts with customers. Research and development expenses for the year were $10 million, contributing to an operating loss of $19 million.

Resonant’s business model is based on earning royalties on production volumes of the company’s filter designs. The company is targeting smartphones and the growing number of frequency bands requiring high performance filters.

In the fourth quarter earnings release, CEO George Holmes said, “We now have eight customers working with Resonant, over 50 designs of increasing complexity contracted, more than 10 qualified designs that our customers are sampling to OEMs and over 7.5 million units utilizing our technology shipped in 2017.”

The new shares will be offered under a registration statement previously filed with the Securities and Exchange Commission (SEC) and amended with a preliminary prospectus supplement.