Current Report Filing (8-k)
March 18 2020 - 9:01AM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-k
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported):
March 17, 2020
Resonant
INC.
(Exact Name of Registrant as Specified in
Charter)
Delaware
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001-36467
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45-4320930
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(State or Other Jurisdiction
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(Commission
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(IRS Employer
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of Incorporation)
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File Number)
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Identification No.)
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175 Cremona Drive, Suite 200
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Goleta, California 93117
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93117
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(Address of Principal Executive Offices)
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(Zip Code)
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(805) 308-9803
(Registrant’s telephone number, including
area code)
Not Applicable
(Former name or former address, if changed
since last report)
Securities registered pursuant to Section 12(b) of
the Act:
Title of each class
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Trading
Symbol(s)
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Name of each exchange
on which registered
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Common Stock, $0.001 par value
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RESN
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The NASDAQ Stock Market LLC
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Check the appropriate
box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
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¨
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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¨
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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¨
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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¨
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Pre-commencement communications pursuant to Rule 13e-4(c)) under the Exchange Act (17 CFR 240.13e-4(c))
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Indicate by check
mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of
this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ¨
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
On March 17, 2020, we completed a restructuring
of our workforce which included the layoff of ten full-time employees. Of these employees, eight were on our technical staff and
two were devoted to sales, marketing and administration matters. In addition, during the first quarter of 2020 we negotiated the
retirement or other departure of four executives. The restructuring is being implemented as part of a comprehensive review of our
operations and is intended to reduce our operating costs as we shift our development initiatives to focus on XBAR® and 5G deployment.
The decision to streamline our operations is not related to the recent outbreak of the coronavirus.
We estimate the layoffs will cost approximately
$200,000 in the first quarter of 2020, consisting primarily of severance and other termination benefits, and the layoffs and executive
departures will result in annual GAAP expense savings of approximately $4.5 million.
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: March 18, 2020
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Resonant
Inc.
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By:
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/s/
Martin S. McDermut
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Martin
S. McDermut
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Chief
Financial Officer
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