As
filed with the Securities and Exchange Commission on May 13, 2021.
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Registration
No. 333-254242
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________
AMENDMENT NO. 1
TO
FORM S-3
REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OF 1933
___________________
RESONANT INC.
(Exact name of registrant as specified in its
charter)
___________________
Delaware
(State of other jurisdiction of
incorporation or organization)
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45-4320930
(I.R.S. Employer
Identification No.)
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10900 Stonelake Boulevard
Suite 100, Office 02-130
Austin, Texas 78759
(805) 308-9803
(Address, including zip code, and telephone
number, including area code, of registrant’s principal executive offices)
____________________
George Holmes
Chief Executive Officer
Resonant Inc.
10900 Stonelake Boulevard
Suite 100, Office 02-130
Austin, Texas 78759
(805) 308-9803
(Name, address, including zip code, and telephone
number, including area code of agent for service)
____________________
Copy to:
John J. McIlvery, Esq.
Stubbs Alderton & Markiles, LLP
15260 Ventura Boulevard, 20th Floor
Sherman Oaks, California 91403
(818)
444-4500
____________________
Approximate date of commencement of proposed
sale to the public: From time to time after the effective date of this Registration Statement.
If the only securities being registered on this Form are being offered
pursuant to dividend or interest reinvestment plans, please check the following box. ¨
If any of the securities being registered on this Form are to be offered
on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, other than securities offered only in connection
with dividend or interest reinvestment plans, check the following box. x
If this Form is filed to register additional securities for an offering
pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement
number of the earlier effective registration statement for the same offering. ¨
If this Form is a post-effective amendment filed pursuant to Rule 462(c)
under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective
registration statement for the same offering. ¨
If this Form is a registration statement pursuant to General Instruction
I.D. or a post-effective amendment thereto that shall become effective upon filing with the Commission pursuant to Rule 462(e) under
the Securities Act, check the following box. ¨
If this Form is a post-effective amendment to a registration statement
filed pursuant to General Instruction I.D. filed to register additional securities or additional classes of securities pursuant to Rule
413(b) under the Securities Act, check the following box. ¨
Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large
accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company”
in Rule 12b-2 of the Exchange Act.
Large accelerated filer ¨
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Accelerated filer ¨
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Non-accelerated filer x
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Smaller reporting company x
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Emerging growth company ¨
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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 7(a)(2)(B) of the Securities Act. ¨
The Registrant hereby amends this Registration
Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment
which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of
the Securities Act of 1933, as amended (the “Securities Act”) or until this Registration Statement shall become effective
on such date as the Securities and Exchange Commission (the “SEC”), acting pursuant to said Section 8(a), may determine.
EXPLANATORY NOTE
This
registration statement contains:
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a
base prospectus, which covers the offering, issuance and sale by us of up to a maximum aggregate
offering price of $100,000,000 of our common stock, preferred stock, debt securities, warrants,
units and/or rights in one or more offerings, including our existing at-the-market offering
as described below; and
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a
sales agreement prospectus supplement, which covers the offering, issuance and sale by us
of up to an additional maximum aggregate offering price of $50,000,000 of our common stock
in an at-the-market offering that may be issued and sold under our existing At the-Market
Equity Offering Sales Agreement dated August 14, 2020, or the Sales Agreement, with Stifel,
Nicolaus & Company, Incorporated, or Stifel.
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We previously entered
into the Sales Agreement with Stifel relating to the sale and issuance of shares of our common stock, and filed with the Securities and
Exchange Commission, or the SEC, a prospectus supplement dated August 14, 2020, and accompanying prospectus dated November 29, 2018,
to offer and sell from time to time pursuant to the Sales Agreement shares of our common stock having an aggregate offering price of
up to $25,000,000. The prospectus supplement, and the accompanying prospectus (together, the “prior sales agreement prospectus
supplement”), are part of the registration statements on Form S-3 (File No. 333-228353 and File No. 333-246336) that we filed with
the SEC using a “shelf” registration process.
As of May 7, 2021, we
have sold a total of 5,546,601 shares of our common stock for gross proceeds of $16,178,165 under the prior sales agreement prospectus
supplement, which leaves a total maximum aggregate offering price of $8,821,835 of our common stock available for sale under the prior
sales agreement prospectus supplement immediately prior to the filing of this registration statement.
The
base prospectus immediately follows this explanatory note. The specific terms of any securities to be offered pursuant to the base prospectus
will be specified in a prospectus supplement to the base prospectus. The sales agreement prospectus supplement immediately follows the
base prospectus. The common stock that may be offered, issued and sold by the registrant under the sales agreement prospectus supplement
is included in the $100,000,000 of securities that may be offered, issued and sold by us under the base prospectus. Any portion of the
$100,000,000 included in the sales agreement prospectus supplement that is not previously sold or included in an active placement notice
pursuant to the Sales Agreement is available for sale in other offerings pursuant to the base prospectus, and if no shares are sold under
the Sales Agreement, the full $100,000,000 of securities may be sold in other offerings pursuant to the base prospectus and a corresponding
prospectus supplement.
The
information in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement
filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and is not soliciting
an offer to buy these securities in any state where the offer or sale is not permitted.
Subject
to Completion, Dated May 13, 2021
PROSPECTUS
$100,000,000
Common Stock
Preferred Stock
Debt Securities
Warrants
Units
From time to time, we
may offer and sell up to $100,000,000 of any combination of the securities described in this prospectus, either individually or in combination
with other securities. We may also offer common stock or preferred stock upon conversion of debt securities, common stock upon conversion
of preferred stock, or common stock, preferred stock or debt securities upon the exercise of warrants.
We will provide the
specific terms of these offerings and securities in one or more supplements to this prospectus. We may also authorize one or more free
writing prospectuses to be provided to you in connection with these offerings. The prospectus supplement and any related free writing
prospectus may also add, update or change information contained in this prospectus. You should carefully read this prospectus, the applicable
prospectus supplement and any related free writing prospectus, as well as any documents incorporated by reference, before buying any
of the securities being offered.
Our common stock is
traded on The Nasdaq Capital Market under the symbol “RESN.” On May 7, 2021, the last reported sale price of our common stock
on The Nasdaq Capital Market was $2.93. The applicable prospectus supplement will contain information, where applicable, as to other
listings, if any, on The NASDAQ Capital Market or other securities exchange of the securities covered by the applicable prospectus supplement.
Investing in our
securities involves a high degree of risk. You should review carefully the risks and uncertainties described under the heading “Risk
Factors” contained in the applicable prospectus supplement and any related free writing prospectus, and under similar headings
in the other documents that are incorporated by reference into this prospectus.
This prospectus may
not be used to offer or sell any securities unless accompanied by a prospectus supplement.
The securities may be
sold directly by us to investors, through agents designated from time to time or to or through underwriters or dealers, on a continuous
or delayed basis. For additional information on the methods of sale, you should refer to the section titled “Plan of Distribution”
in this prospectus. If any agents or underwriters are involved in the sale of any securities with respect to which this prospectus is
being delivered, the names of such agents or underwriters and any applicable fees, commissions, discounts and over-allotment options
will be set forth in a prospectus supplement. The price to the public of such securities and the net proceeds we expect to receive from
such sale will also be set forth in a prospectus supplement.
Neither
the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined
if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.
The date of this prospectus is
, 2021
TABLE OF CONTENTS
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You should rely only
on the information that we have provided or incorporated by reference in this prospectus, any applicable prospectus supplement and any
related free writing prospectus that we may authorize to be provided to you. We have not authorized anyone to provide you with different
information. No dealer, salesperson or other person is authorized to give any information or to represent anything not contained in this
prospectus, any applicable prospectus supplement or any related free writing prospectus that we may authorize to be provided to you.
You must not rely on any unauthorized information or representation. This prospectus is an offer to sell only the securities offered
hereby, but only under circumstances and in jurisdictions where it is lawful to do so. You should assume that the information in this
prospectus, any applicable prospectus supplement or any related free writing prospectus is accurate only as of the date on the front
of the document and that any information we have incorporated by reference is accurate only as of the date of the document incorporated
by reference, regardless of the time of delivery of this prospectus, any applicable prospectus supplement or any related free writing
prospectus, or any sale of a security.
ABOUT THIS PROSPECTUS
This prospectus is part
of a registration statement on Form S-3 that we filed with the Securities and Exchange Commission utilizing a “shelf”
registration process. Under this shelf registration process, we may offer shares of our common stock and preferred stock and various
series of debt securities in one or more offerings, up to a total dollar amount of $100,000,000. This prospectus provides you with a
general description of the securities we may offer.
Each time we offer a
type or series of securities under this prospectus, we will provide a prospectus supplement that will contain more specific information
about the terms of those securities. We may also authorize one or more free writing prospectuses to be provided to you that may contain
material information relating to these offerings. We may also add, update or change in the prospectus supplement (and in any related
free writing prospectus that we may authorize to be provided to you) any of the information contained in this prospectus or in the documents
that we have incorporated by reference into this prospectus. We urge you to carefully read this prospectus, any applicable prospectus
supplement and any related free writing prospectus, together with the information incorporated herein by reference as described under
the heading “Incorporation of Certain Information by Reference,” before buying any of the securities being offered.
THIS PROSPECTUS MAY
NOT BE USED TO CONSUMMATE A SALE OF SECURITIES UNLESS IT IS ACCOMPANIED BY A PROSPECTUS SUPPLEMENT.
The information appearing
in this prospectus, any applicable prospectus supplement or any related free writing prospectus is accurate only as of the date on the
front of the document and any information we have incorporated by reference is accurate only as of the date of the document incorporated
by reference, regardless of the time of delivery of this prospectus, any applicable prospectus supplement or any related free writing
prospectus, or any sale of a security. Our business, financial condition, results of operations and prospects may have changed since
those dates.
This prospectus contains
summaries of certain provisions contained in some of the documents described herein, but reference is made to the actual documents for
complete information. All of the summaries are qualified in their entirety by the actual documents. Copies of some of the documents referred
to herein have been filed, will be filed or will be incorporated by reference as exhibits to the registration statement of which this
prospectus is a part, and you may obtain copies of those documents as described below under the heading “Where You Can Find More
Information.”
This prospectus and the information incorporated
herein by reference include trademarks, services marks and trade names owned by us or other companies. All trademarks, service marks
and trade names included or incorporated by reference into this prospectus, any applicable prospectus supplement or any related free
writing prospectuses are the property of their respective owners.
Unless the context otherwise requires, the terms
“we,” “our,” “us,” “our company,” and “Resonant” refer to Resonant Inc. and
its subsidiaries.
RESONANT INC.
Resonant is a late-stage development company
that has created an innovative software, intellectual property, or IP, and services platform that has the ability to increase designer
efficiency, reduce the time to market and lower unit costs in the designs of filters for radio frequency, or RF, front-ends for the mobile
device, automotive, medical, internet-of-things and related industries. The RF front-end, or RFFE, is the circuitry in a device responsible
for analog signal processing and is located between the device’s antenna and its digital circuitry. The software platform we continue
to develop is based on fundamentally new technology that we call Infinite Synthesized Networks®, or ISN®, to configure and connect
resonators, the building blocks of RF filters. Filters are a critical component of the RF front-end used to select desired radio frequency
signals and reject unwanted signals. Our ISN® platform allows us to develop unique, custom designs that address the increasing complexity
of the RFFE due to increasing bandwidth requirements, such as by using carrier aggregation (the combining of multiple frequencies into
a single data stream to increase throughput through higher data rates), or CA, by both reducing the size of the filter and improving
performance. Our goal is to utilize our ISN® platform to support our customers in reducing their time to develop complex filter and
module designs, to access new classes of filter designs, and to do it more cost effectively. Additionally, our ISN® platform has
allowed us to expand our customer focus beyond just filter manufacturers by enabling a new class of customer - fabless filter manufacturers.
These companies do not have their own internal filter fabrication facility, or fab, and typically already would be supplying other products
in the RFFE to the original equipment manufacturers (OEMs), and, as a result do not require a protracted new vendor qualification process
in order to supply parts. Through our existing customer relationships, we are able to leverage our ISN® tools to deliver cutting
edge filter designs to these fabless filter manufacturers.
We are commercializing our technology through
the creation of filter designs that address the problems in the high growth RFFE industry created by the growing number of frequency
bands in mobile and other RFFE enabled devices. The worldwide adoption of Long Term Evolution, or LTE, as the global standard, the transition
to 5G, and the use of mobile devices to access the Internet, has resulted in massive proliferation of frequency bands which, when combined
with CA for higher data rates and multiple input multiple output, or MIMO, has resulted in an ever-increasing number and complexity of
filters in the RFFE. We have developed and continue to expand a series of single-band designs for frequency bands presently dominated
by larger and more expensive bulk acoustic wave, or BAW, filters. We are also developing multiplexer filter designs for two or more bands
to address the CA requirements of our customers. We are using our ISN® platform to efficiently integrate these designs into RF modules
for our module customers. Currently, we are leveraging ISN® to develop these designs targeted for either the Surface Acoustic Wave
(SAW) or Temperature Compensated, Surface Acoustic Wave (TC-SAW) manufacturing processes. In 2018 we further extended ISN® for BAW
designs, which has resulted in our invention of a resonator structure based on a combination of interdigital transducer (IDT) and piezoelectric
membrane, which we call XBAR®, which exhibits performance parameters suitable for 5G and WiFi applications - high frequency operation,
large bandwidth and high power reliability. Our success with XBAR® is dependent on our ability to develop high frequency filters
utilizing these resonator structures that are successfully adopted by our targeted customers, which will be determined by our ability
to show improved performance over competing products or significantly reduce the size and cost of their products.
We believe licensing our designs, either as
prepaid royalties or royalties paid as products ship, is the most direct and effective means of validating our ISN® platform and
IP to address this rapidly growing market. Our target customers make part or all of the RFFE. We intend to retain ownership of our designs,
and we expect to be compensated through license fees and royalties based on sales of RFFE filters that incorporate our designs and leverage
our ISN® platform.
Our customer engagement process typically begins
with the execution of a Joint Development Agreement, or JDA, and License Agreement, or LA, for specific bands. Depending on the complexity
of the design, we estimate that initial samples of products to OEMs, will occur typically within nine to thirty-six months following
execution of a license agreement. We classify these new designs as either ISN® Ready (9-12 months), ISN® Pilot (12-18 months),
ISN® Advanced (18-36 months) or ISN® Development (Custom). Following these development cycles, designs are manufactured, qualified
by our customers and sampled to OEM customers. Our customers can take from three to six months to qualify a design and then the OEMs
can take an additional three to six months, or longer, to qualify a design as fit for use, reliable and ready for mass production. The
point at which an OEM begins taking product from our customers in mass production is typically when royalty revenues would begin. Our
customer agreements typically provide for upfront design fees and royalty payments for each unit sold using our filter designs and typically
last for a minimum of two years, but may be renewed for a longer period. More recently our agreements have included pre-paid royalties,
which can be fully paid-up for a design, or a partial pre-pay with subsequent royalties when the part begins shipping.
In 2017, in order to further facilitate our
fabless filter program, and to provide manufacturing stability across the supply chain, we embarked on the creation of our Foundry Program.
Foundries joining Resonant’s program first complete a foundry evaluation process to ensure alignment with our customers for filter
performance, manufacturing quality and capacity, and business practices. Once the evaluation is completed, the foundry runs a characterization
lot, used to create a foundry process design kit, after which we are ready to start designs for manufacture in the foundry. Packaging/Back-end
vendors can also join the program by completing a back-end evaluation process to match their capabilities with foundry partners and our
customers. Through this program we enable a secure supply chain for all our customers.
In 2019, we began development of Filter IP Standard
Library designs to enable faster time to market for our customers. Further, the first Filter IP Library design was incorporated into
Cadence Design Systems, Inc.'s AWR design suite, allowing module designers access to Resonant filter designs. At Mobile World Congress
we showed the first 5G filter based upon XBAR® technology - an n79 filter. Subsequently, we accepted a $7.0 million investment and
signed a commercial agreement for the development and license of filters for four bands based on XBAR® technology, with the industry's
largest provider of filters for the RFFE. The commercial agreement provides for our receipt of up to an aggregate of $9.0 million of
contract consideration in the form of "pre-paid royalties" for the licensed designs and certain other intellectual property
developed in the collaboration, payable in installments over a multi-year development period, with each installment conditioned upon
our achievement of certain milestones and deliverables acceptable to our customer in its discretion. During 2020, we continued the development
of filters under the commercial agreement, resulting in completion of the second milestone ahead of schedule in October. This milestone
is significant as it recognizes achieving predetermined target performance, packaging and initial reliability. Completion of the milestone
also resulted in the second payment from this customer. We have received a total of $4.5 million from this customer as of December 31,
2020. In accounting for this contract under ASC 606, we have determined the total contract consideration is to be recognized over time
as the intellectual property is developed.
Early in 2020 we signed multiple new license
agreements with a major foundry focused on the China market, further enhancing our foundry program. These agreements include both pre-paid
royalties and royalty payments due upon shipment of parts for the licensed designs. In August of 2020 we demonstrated that XBAR®
based filters could be manufactured using standard SAW foundry processing, a much simpler and lower cost process than is used for other
BAW filter manufacturing. During the year we expanded our patent portfolio and ended the year with more than 300 issued and pending patents,
with more than 150 patents protecting our XBAR® technology. The combination of progress developing XBAR®-based filters, advances
in our foundry program and increasing shipments of our legacy designs resulted in record annual revenues in 2020 and more than 50 million
filters shipped using ISN® designs since our inception.
We plan to continue to pursue filter design
projects with existing and potential customers and other strategic partners. These types of arrangements offer complementary technology
and market intelligence. In addition, we will continue to help develop a fabless filter eco-system to support the growth in filter volumes
for our customers. We are also investigating the potential of licensing part or all of our ISN® software design suite to potential
customers in the RFFE industry. We will continue to develop XBAR® technology for both mobile and non-mobile applications, including
5G, WiFi and Ultra-WideBand (UWB) applications, forming strategic partnerships with filter manufacturers and customers to bring the technology
to market as quickly as possible. We intend to retain ownership of our technology, software, designs and related improvements. Our goal
is to establish and leverage alliances with new and existing customers, who will help grow the market for our designs by integrating
them with their own proprietary technology and products, or by using our software products for their own designs, thus combining their
own particular strengths with ours to provide an extensive array of solutions.
Corporate Information
We were incorporated in Delaware in January
2012. Our principal executive offices are located at 10900 Stonelake Boulevard, Suite 100, Office 02-130, Austin, Texas 78759, and our
telephone number at this location is (805) 308-9803. Our website address is www.resonant.com. The information contained on, or that can
be accessed through, our website is not a part of this prospectus.
RISK FACTORS
Investing in our securities
involves a high degree of risk. Before deciding whether to invest in our securities, you should consider carefully the risks and uncertainties
described under the heading “Risk Factors” contained in the applicable prospectus supplement and any related free writing
prospectus, and discussed under the section titled “Risk Factors” contained in our most recent Annual Report on Form 10-K
and in our most recent Quarterly Report on Form 10-Q, as well as any amendments thereto reflected in subsequent filings with the SEC,
which are incorporated by reference into this prospectus in their entirety, together with other information in this prospectus, the documents
incorporated by reference and any free writing prospectus that we may authorize for use in connection with a specific offering. The risks
described in these documents are not the only ones we face, but those that we consider to be material. There may be other unknown or
unpredictable economic, business, competitive, regulatory or other factors that could have material adverse effects on our future results.
Past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate
results or trends in future periods. If any of these risks actually occurs, our business, financial condition, results of operations
or cash flow could be seriously harmed. This could cause the trading price of our securities to decline, resulting in a loss of all or
part of your investment. Please also read carefully the section below titled “Forward-Looking Statements.”
FORWARD-LOOKING STATEMENTS
This prospectus and
the documents incorporated by reference contain forward-looking statements within the meaning of Section 27A of the Securities Act
of 1933, or Securities Act, and Section 21E of the Securities Exchange Act of 1934, or Exchange Act. These statements involve known
and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially
different from any future results, performances or achievements expressed or implied by the forward-looking statements. These forward-looking
statements include, but are not limited to, those concerning the following:
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the impact of the coronavirus, or COVID-19, pandemic on our worldwide
operations and those of our business partners;
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our ability to fund our planned operations and implement our
business plan;
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the status of filter designs under development;
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the prospects for licensing filter designs upon completion of
development;
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plans for other filter designs not currently in development;
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potential customers for our designs;
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the timing and amount of future royalty streams;
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our plans regarding the use of proceeds from our equity financings
and the expected duration of our capital resources;
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our plans regarding future financings;
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the impact of our designs on the mobile device market;
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our intentions, expectations and beliefs regarding anticipated
growth, market penetration and trends in our business;
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the timing and success of our plan of commercialization;
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our dependence on growth in our customers’ businesses;
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our customers’ success in marketing products incorporating
our designs to their customers;
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the effects of market conditions on our stock price and operating
results;
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our ability to maintain our competitive technological advantages
against competitors in our industry and the related costs associated with defending intellectual
property infringement and other claims;
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our ability to timely and effectively adapt our existing technology
and have our technology solutions gain market acceptance;
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our ability to introduce new filter designs and bring them to
market in a timely manner;
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our ability to maintain, protect and enhance our intellectual
property;
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our expectations concerning our relationships with our customers
and other third parties and our customers’ relationships with their manufacturers;
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the attraction and retention of qualified employees and key personnel;
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future acquisitions of or investments in complementary companies
or technologies; and
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our ability to comply with evolving legal standards and regulations,
particularly concerning requirements for being a public company and United States export
regulations.
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In some cases, you can
identify forward-looking statements by terms such as “anticipates,” “believes”, “could”, “estimates”,
“expects”, “intends”, “may”, “plans”, “potential”, “predicts”,
“projects”, “should”, “will”, “would” as well as similar expressions. Forward-looking
statements reflect our current views with respect to future events, are based on assumptions and are subject to risks, uncertainties
and other important factors. We discuss many of these risks, uncertainties and other important factors in greater detail under the heading
“Risk Factors” contained in the applicable prospectus supplement and any related free writing prospectus, and in our most
recent annual report on Form 10-K and in our most recent quarterly report on Form 10-Q, as well as any amendments thereto reflected
in subsequent filings with the SEC. Given these risks, uncertainties and other important factors, you should not place undue reliance
on these forward-looking statements. Also, these forward-looking statements represent our estimates and assumptions only as of the date
such forward-looking statements are made. Except as required by law, we assume no obligation to update any forward-looking statements
publicly, or to reflect facts and circumstances after the date of this prospectus. Before deciding to purchase our securities, you should
carefully read both this prospectus, the applicable prospectus supplement and any related free writing prospectus, together with the
information incorporated herein by reference as described under the heading “Incorporation of Certain Information by Reference,”
completely and with the understanding that our actual future results may be materially different from what we expect.
THE SECURITIES WE MAY
OFFER
We
may offer shares of our common stock and preferred stock, various series of debt securities and/or warrants to purchase any of such securities,
either individually or in combination with other securities, with a total value of up to $100,000,000 from time to time under this prospectus,
together with the applicable prospectus supplement and any related free writing prospectus, at prices and on terms to be determined by
market conditions at the time of any offering. We may also offer common stock, preferred stock and/or debt securities upon the exercise
of warrants. This prospectus provides you with a general description of the securities we may offer. Each time we offer a type or series
of securities under this prospectus, we will provide a prospectus supplement that will describe the specific amounts, prices and other
important terms of the securities, including, to the extent applicable:
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designation or classification;
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aggregate principal
amount or aggregate offering price;
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maturity, if applicable;
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original issue discount,
if any;
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rates and times of payment
of interest or dividends, if any;
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redemption, conversion,
exercise, exchange or sinking fund terms, if any;
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restrictive covenants,
if any;
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voting or other rights,
if any;
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conversion prices, if
any; and
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important United States
federal income tax considerations.
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The prospectus supplement
and any related free writing prospectus that we may authorize to be provided to you may also add, update or change information contained
in this prospectus or in documents we have incorporated by reference. However, no prospectus supplement or free writing prospectus will
offer a security that is not registered and described in this prospectus at the time of the effectiveness of the registration statement
of which this prospectus is a part.
THIS PROSPECTUS MAY
NOT BE USED TO CONSUMMATE A SALE OF SECURITIES UNLESS IT IS ACCOMPANIED BY A PROSPECTUS SUPPLEMENT.
We may sell the securities
directly to investors or to or through agents, underwriters or dealers. We, and our agents or underwriters, reserve the right to accept
or reject all or part of any proposed purchase of securities. If we do offer securities to or through agents or underwriters, we will
include in the applicable prospectus supplement:
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the names of those agents
or underwriters;
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applicable fees, discounts
and commissions to be paid to them;
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details regarding over-allotment
options, if any; and
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the net proceeds to
us.
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Common Stock.
We may issue shares of our common stock from time to time. The holders of our common stock are entitled to one vote for each share held
of record on all matters submitted to a vote of stockholders. Subject to preferences that may be applicable to any outstanding shares
of preferred stock, the holders of common stock are entitled to receive ratably such dividends as may be declared by our board of directors
out of legally available funds. Upon our liquidation, dissolution or winding up, holders of our common stock are entitled to share ratably
in all assets legally available for distribution to stockholders remaining after payment of liabilities and the liquidation preferences
of any outstanding shares of preferred stock. Holders of common stock have no preemptive rights and no right to convert their common
stock into any other securities. There are no redemption or sinking fund provisions applicable to our common stock. When we issue shares
of common stock under this prospectus, the shares will be fully paid and non-assessable. The rights, preferences and privileges of the
holders of common stock are subject to, and may be adversely affected by, the rights of the holders of shares of any series of preferred
stock which we may designate in the future. In this prospectus, we have summarized certain general features of the common stock under
“Description of Capital Stock—Common Stock.” We urge you, however, to read the applicable prospectus supplement (and
any related free writing prospectus that we may authorize to be provided to you) related to any common stock being offered.
Preferred Stock.
We may issue shares of our preferred stock from time to time, in one or more series. Our board of directors will determine the designations,
powers, preferences and rights of the preferred stock, as well as the qualifications, limitations or restrictions thereon, including
dividend rights, conversion rights, preemptive rights, voting rights, terms of redemption or repurchase, liquidation preferences, sinking
fund terms and the number of shares constituting any series or the designation of any series. Convertible preferred stock will be convertible
into our common stock or exchangeable for our other securities. Conversion may be mandatory or at your option and would be at prescribed
conversion rates. We will fix the designations, powers, preferences and rights of the preferred stock of each series, as well as the
qualifications, limitations or restrictions thereon, in the certificate of designation relating to that series.
If we sell any series
of preferred stock under this prospectus, we will fix the designations, powers, preferences and rights of such series of preferred stock,
as well as the qualifications, limitations or restrictions thereon, in the certificate of designation relating to that series. We will
file as an exhibit to the registration statement of which this prospectus is a part, or will incorporate by reference from reports that
we file with the SEC, the form of any certificate of designation that describes the terms of the series of preferred stock we are offering
before the issuance of the related series of preferred stock. In this prospectus, we have summarized certain general features of the
preferred stock under “Description of Capital Stock—Preferred Stock.” We urge you, however, to read the applicable
prospectus supplement (and any free writing prospectus that we may authorize to be provided to you) related to the series of preferred
stock being offered, as well as the complete certificate of designation that contains the terms of the applicable series of preferred
stock.
Debt Securities. We
may issue debt securities from time to time, in one or more series, as either senior or subordinated debt or as senior or subordinated
convertible debt. The senior debt securities will rank equally with any other unsecured and unsubordinated debt. The subordinated debt
securities will be subordinate and junior in right of payment, to the extent and in the manner described in the instrument governing
the debt, to all of our senior indebtedness. Convertible debt securities will be convertible into or exchangeable for our common stock
or our other securities. Conversion may be mandatory or at the holder’s option and would be at prescribed conversion rates.
The debt securities
will be issued under an indenture that we will enter into with a national banking association or other eligible party, as trustee. In
this prospectus, we have summarized certain general features of the debt securities under “Description of Debt Securities.”
We urge you, however, to read the applicable prospectus supplement (and any related free writing prospectus that we may authorize to
be provided to you) related to the series of debt securities being offered, as well as the complete indenture and any supplemental indentures
that contain the terms of the debt securities. We have filed the form of indenture as an exhibit to the registration statement of which
this prospectus is a part, and supplemental indentures and forms of debt securities containing the terms of the debt securities being
offered will be filed as exhibits to the registration statement of which this prospectus is a part or will be incorporated by reference
from reports that we file with the SEC.
Warrants. We
may issue warrants for the purchase of common stock, preferred stock and/or debt securities in one or more series. We may issue warrants
independently or in combination with common stock, preferred stock and/or debt securities. In this prospectus, we have summarized certain
general features of the warrants under “Description of Warrants.” We urge you, however, to read the applicable prospectus
supplement (and any related free writing prospectus that we may authorize to be provided to you) related to the particular series of
warrants being offered, as well as the form of warrant and/or the warrant agreement and warrant certificate, as applicable, that contain
the terms of the warrants. We will file as exhibits to the registration statement of which this prospectus is a part, or will incorporate
by reference from reports that we file with the SEC, the form of warrant and/or the warrant agreement and warrant certificate, as applicable,
that contain the terms of the particular series of warrants we are offering, and any supplemental agreements, before the issuance of
such warrants.
Warrants may be issued
under a warrant agreement that we enter into with a warrant agent. We will indicate the name and address of the warrant agent, if any,
in the applicable prospectus supplement relating to a particular series of warrants.
Units. We may
issue units consisting of common stock, preferred stock, debt securities and/or warrants to purchase any of such securities in one or
more series. In this prospectus, we have summarized certain general features of the units under “Description of Units.” We
urge you, however, to read the prospectus supplements and any free writing prospectus that we may authorize to be provided to you related
to the series of units being offered, as well as the unit agreements that contain the terms of the units. We will file as exhibits to
the registration statement of which this prospectus is a part, or will incorporate by reference from a current report on Form 8-K that
we file with the SEC, the form of unit agreement and any supplemental agreements that describe the terms of the series of units we are
offering before the issuance of such units.
USE OF PROCEEDS
Except as described
in any prospectus supplement or in any related free writing prospectus that we may authorize to be provided to you, we currently intend
to use the net proceeds from the sale of the securities offered hereby for working capital, capital expenditures and other general corporate
purposes, and for product development. We also may use a portion of the proceeds to finance potential acquisitions and investments in
companies or products that are complementary to our business, if and when suitable opportunities arise; however, we currently have no
commitments or agreements with respect to any such transactions. Pending these uses, we expect to invest the net proceeds in short-term,
investment-grade securities.
DESCRIPTION OF CAPITAL
STOCK
Our authorized capital
stock consists of 100,000,000 shares of common stock, $0.001 par value, and 3,000,000 shares of preferred stock, $0.001 par
value. As of May 7, 2021, there were 60,423,123 shares of common stock outstanding and no shares of preferred stock outstanding.
The following summary
description of our capital stock is based on the provisions of our certificate of incorporation and bylaws and the applicable provisions
of the Delaware General Corporation Law. This information is qualified entirely by reference to the applicable provisions of our certificate
of incorporation, bylaws and the Delaware General Corporation Law. For information on how to obtain copies of our certificate of incorporation
and bylaws, which are exhibits to the registration statement of which this prospectus is a part, see “Where You Can Find More Information.”
Common Stock
The holders of our common
stock are entitled to one vote for each share held of record on all matters submitted to a vote of the stockholders. Our stockholders
do not have cumulative voting rights in the election of directors. Subject to preferences that may be applicable to any outstanding shares
of preferred stock, the holders of common stock are entitled to receive ratably only those dividends as may be declared by our board
of directors out of legally available funds. Upon our liquidation, dissolution or winding up, holders of our common stock are entitled
to share ratably in all assets remaining after payment of liabilities and the liquidation preferences of any outstanding shares of preferred
stock. Holders of common stock have no preemptive or other subscription or conversion rights. There are no redemption or sinking fund
provisions applicable to our common stock. Shares of our common stock outstanding, and to be issued, are, and will be, fully paid and
non-assessable. Additional shares of authorized common stock may be issued, as authorized by our board of directors from time to time,
without stockholder approval, except as may be required by applicable stock exchange requirements.
Preferred Stock
Pursuant to our certificate
of incorporation, our board of directors has the authority, without further action by the stockholders (unless such stockholder action
is required by applicable law or the rules of The Nasdaq Stock Market), to designate and issue up to 3,000,000 shares of preferred
stock in one or more series, to establish from time to time the number of shares to be included in each such series, to fix the designations,
powers, preferences and rights of the shares of each wholly unissued series, and any qualifications, limitations or restrictions thereon,
and to increase or decrease the number of shares of any such series, but not below the number of shares of such series then outstanding.
Shares of our preferred stock, if issued, will be fully paid and non-assessable.
We will fix the designations,
powers, preferences and rights of the preferred stock of each series, as well as the qualifications, limitations or restrictions thereon,
in the certificate of designation relating to that series. We will file as an exhibit to the registration statement of which this prospectus
is a part, or will incorporate by reference from reports that we file with the SEC, the form of any certificate of designation that describes
the terms of the series of preferred stock we are offering before the issuance of that series of preferred stock. This description will
include:
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the title and stated
value;
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the number of shares
we are offering;
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the liquidation preference
per share;
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the dividend rate, period
and payment date and method of calculation for dividends;
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whether dividends will
be cumulative or non-cumulative and, if cumulative, the date from which dividends will accumulate;
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the procedures for any
auction and remarketing, if any;
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the provisions for a
sinking fund, if any;
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the provisions for redemption
or repurchase, if applicable, and any restrictions on our ability to exercise those redemption
and repurchase rights;
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any listing of the preferred
stock on any securities exchange or market;
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whether the preferred
stock will be convertible into our common stock, and, if applicable, the conversion price,
or how it will be calculated, and the conversion period;
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whether the preferred
stock will be exchangeable into debt securities, and, if applicable, the exchange price,
or how it will be calculated, and the exchange period;
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voting rights, if any,
of the preferred stock;
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preemptive rights, if
any;
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restrictions on transfer,
sale or other assignment, if any;
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whether interests in
the preferred stock will be represented by depositary shares;
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a discussion of any
material United States federal income tax considerations applicable to the preferred stock;
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the relative ranking
and preferences of the preferred stock as to dividend rights and rights if we liquidate,
dissolve or wind up our affairs;
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any limitations on the
issuance of any class or series of preferred stock ranking senior to or on a parity with
the series of preferred stock as to dividend rights and rights if we liquidate, dissolve
or wind up our affairs; and
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any other specific terms,
preferences, rights or limitations of, or restrictions on, the preferred stock.
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The General Corporation
Law of the State of Delaware, or DGCL, the state of our incorporation, provides that the holders of preferred stock will have the right
to vote separately as a class (or, in some cases, as a series) on an amendment to our certificate of incorporation if the amendment would
change the par value or, unless the certificate of incorporation provided otherwise, the number of authorized shares of the class or
change the powers, preferences or special rights of the class or series so as to adversely affect the class or series, as the case may
be. This right is in addition to any voting rights that may be provided for in the applicable certificate of designation.
Our board of directors
may authorize the issuance of preferred stock with voting or conversion rights that could adversely affect the voting power or other
rights of the holders of our common stock. Preferred stock could be issued quickly with terms designed to delay or prevent a change in
control of our company or make removal of management more difficult. Additionally, the issuance of preferred stock may have the effect
of decreasing the market price of our common stock.
Anti-takeover Effects
of Provisions of Charter Documents and Delaware Law
Charter Documents.
Our certificate of incorporation and bylaws contain provisions that could discourage potential takeover attempts and make it more difficult
for stockholders to change management, which could adversely affect the marketplace of our common stock.
Our certificate of incorporation
limits the personal liability for monetary damages for breach of fiduciary duty of our directors to Resonant and our stockholders to
the fullest extent permitted by the Delaware General Corporation Law. The inclusion of this provision in our certificate of incorporation
may reduce the likelihood of derivative litigation against directors and may discourage or deter stockholders or management from bringing
a lawsuit against directors for breach of their fiduciary duty.
Our certificate of incorporation
provides that all stockholder action must be effected at a meeting of stockholders and not by a consent in writing. In addition, our
certificate of incorporation and bylaws provide that, except as otherwise expressly provided by the terms of any series of preferred
stock permitting the holders of such series of preferred stock to call a special meeting of the holders of such series, special meetings
of stockholders of Resonant may be called only by the board of directors, the chairperson of the board of directors, the chief executive
officer or the president (in the absence of a chief executive officer). Finally, our bylaws establish procedures, including advance notice
procedures, with regard to the nomination of candidates for election as directors and stockholder proposals.
Delaware Law.
We are subject to Section 203 of DGCL, which prohibits a Delaware corporation from engaging in any business combination with any
interested stockholder for a period of three years after the date that such stockholder became an interested stockholder, with the following
exceptions:
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before such date, the
board of directors of the corporation approved either the business combination or the transaction
that resulted in the stockholder becoming an interested holder;
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upon completion of the
transaction that resulted in the stockholder becoming an interested stockholder, the interested
stockholder owned at least 85% of the voting stock of the corporation outstanding at the
time the transaction began, excluding for purposes of determining the voting stock outstanding
(but not the outstanding voting stock owned by the interested stockholder) those shares owned
(i) by persons who are directors and also officers and (ii) employee stock plans in which
employee participants do not have the right to determine confidentially whether shares held
subject to the plan will be tendered in a tender or exchange offer; or
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on or after such date,
the business combination is approved by the board of directors and authorized at an annual
or special meeting of the stockholders, and not by written consent, by the affirmative vote
of at least 66 2/3% of the outstanding voting stock that is not owned by the interested stockholder.
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In general,
Section 203 defines business combination to include the following:
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any merger or consolidation
involving the corporation and the interested stockholder;
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any sale, lease, transfer,
pledge or other disposition of 10% or more of the assets of the corporation to or with the
interested stockholder;
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subject to certain exceptions,
any transaction that results in the issuance or transfer by the corporation of any stock
of the corporation to the interested stockholder;
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any transaction involving
the corporation that has the effect of increasing the proportionate share of the stock or
any class or series of the corporation beneficially owned by the interested stockholder;
or
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the receipt by the interested
stockholder of the benefit of any loss, advances, guarantees, pledges or other financial
benefits by or through the corporation.
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In general, Section 203
defines interested stockholder as an entity or person beneficially owning 15% or more of the outstanding voting stock of the corporation
or any entity or person affiliated with or controlling or controlled by such entity or person.
Although Section 203
permits us to elect not to be governed by its provisions, we have not made this election. As a result of the application of Section 203,
potential acquirers of Resonant may be discouraged from attempting to effect an acquisition transaction with us, thereby possibly depriving
holders of our securities of certain opportunities to sell or otherwise dispose of such securities at above-market prices pursuant to
such transactions.
Transfer Agent and Registrar
The transfer agent and
registrar for our common stock is Computershare Limited, P.O. Box 30170, College Station, TX 77842, and its telephone number is (800)
368-5948. The transfer agent for any series of preferred stock that we may offer under this prospectus will be named and described in
the prospectus supplement for that series.
Listing on The NASDAQ Capital Market
Our common stock is
listed on The NASDAQ Capital Market under the symbol “RESN.”
DESCRIPTION OF DEBT SECURITIES
We may issue debt securities,
in one or more series, as either senior or subordinated debt or as senior or subordinated convertible debt. While the terms we have summarized
below will apply generally to any debt securities that we may offer under this prospectus, we will describe the particular terms of any
debt securities that we may offer in more detail in the applicable prospectus supplement. The terms of any debt securities offered under
a prospectus supplement may differ from the terms described below. Unless the context requires otherwise, whenever we refer to the indentures,
we also are referring to any supplemental indentures that specify the terms of a particular series of debt securities.
We will issue the debt
securities under the indenture that we will enter into with the trustee named in the indenture. The indenture will be qualified under
the Trust Indenture Act of 1939, as amended, or the Trust Indenture Act. We have filed the form of indenture as an exhibit to the registration
statement of which this prospectus is a part, and supplemental indentures and forms of debt securities containing the terms of the debt
securities being offered will be filed as exhibits to the registration statement of which this prospectus is a part or will be incorporated
by reference from reports that we file with the SEC. We use the term “debenture trustee” to refer to the trustee under the
indenture.
The following summaries
of material provisions of the debt securities and the indentures are subject to, and qualified in their entirety by reference to, all
of the provisions of the indenture applicable to a particular series of debt securities. We urge you to read the applicable prospectus
supplements and any related free writing prospectuses related to the debt securities that we may offer under this prospectus, as well
as the complete indentures that contains the terms of the debt securities.
General
The indenture does not
limit the amount of debt securities that we may issue. It provides that we may issue debt securities up to the principal amount that
we may authorize and may be in any currency or currency unit that we may designate. Except for the limitations on consolidation, merger
and sale of all or substantially all of our assets contained in the indenture, the terms of the indenture do not contain any covenants
or other provisions designed to give holders of any debt securities protection against changes in our operations and financial condition
or transactions involving us.
We may issue the debt
securities issued under the indenture as “discount securities,” which means they may be sold at a discount below their stated
principal amount. These debt securities, as well as other debt securities that are not issued at a discount, may be issued with “original
issue discount,” or OID, for U.S. federal income tax purposes because of interest payment and other characteristics or terms of
the debt securities. Material U.S. federal income tax considerations applicable to debt securities issued with OID will be described
in more detail in any applicable prospectus supplement.
We will describe in
the applicable prospectus supplement the terms of the series of debt securities being offered, including:
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the title of the series
of debt securities;
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any limit upon the aggregate
principal amount that may be issued;
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the maturity date or
dates;
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the form of the debt
securities of the series;
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the applicability of
any guarantees;
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whether or not the debt
securities will be secured or unsecured, and the terms of any secured debt;
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whether the debt securities
rank as senior debt, senior subordinated debt, subordinated debt or any combination thereof,
and the terms of any subordination;
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if the price (expressed
as a percentage of the aggregate principal amount thereof) at which such debt securities
will be issued is a price other than the principal amount thereof, the portion of the principal
amount thereof payable upon declaration of acceleration of the maturity thereof, or if applicable,
the portion of the principal amount of such debt securities that is convertible into another
security or the method by which any such portion shall be determined;
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the interest rate or
rates, which may be fixed or variable, or the method for determining the rate and the date
interest will begin to accrue, the dates interest will be payable and the regular record
dates for interest payment dates or the method for determining such dates;
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our right, if any, to
defer payment of interest and the maximum length of any such deferral period;
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if
applicable, the date or dates after which, or the period or periods during which, and the
price or prices at which, we may, at our option, redeem the series of debt securities pursuant
to any optional or provisional redemption provisions and the terms of those redemption provisions;
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the
date or dates, if any, on which, and the price or prices at which we are obligated, pursuant
to any mandatory sinking fund or analogous fund provisions or otherwise, to redeem, or at
the holder’s option to purchase, the series of debt securities and the currency or
currency unit in which the debt securities are payable;
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the denominations in
which we will issue the series of debt securities, if other than denominations of $1,000
and any integral multiple thereof;
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any and all terms, if
applicable, relating to any auction or remarketing of the debt securities of that series
and any security for our obligations with respect to such debt securities and any other terms
which may be advisable in connection with the marketing of debt securities of that series;
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whether the debt securities
of the series shall be issued in whole or in part in the form of a global security or securities;
the terms and conditions, if any, upon which such global security or securities may be exchanged
in whole or in part for other individual securities; and the depositary for such global security
or securities;
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if applicable, the provisions
relating to conversion or exchange of any debt securities of the series and the terms and
conditions upon which such debt securities will be so convertible or exchangeable, including
the conversion or exchange price, as applicable, or how it will be calculated and may be
adjusted, any mandatory or optional (at our option or the holders’ option) conversion
or exchange features, the applicable conversion or exchange period and the manner of settlement
for any conversion or exchange;
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if other than the full
principal amount thereof, the portion of the principal amount of debt securities of the series
which shall be payable upon declaration of acceleration of the maturity thereof;
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additions to or changes
in the covenants applicable to the particular debt securities being issued, including, among
others, the consolidation, merger or sale covenant;
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additions to or changes
in the events of default with respect to the securities and any change in the right of the
debenture trustee or the holders to declare the principal, premium, if any, and interest,
if any, with respect to such securities to be due and payable;
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additions to or changes
in or deletions of the provisions relating to covenant defeasance and legal defeasance;
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additions to or changes
in the provisions relating to satisfaction and discharge of the indenture;
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additions to or changes
in the provisions relating to the modification of the indenture both with and without the
consent of holders of debt securities issued under the indenture;
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the currency of payment
of debt securities if other than U.S. dollars and the manner of determining the equivalent
amount in U.S. dollars;
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whether interest will
be payable in cash or additional debt securities at our or the holders’ option and
the terms and conditions upon which the election may be made;
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the terms and conditions,
if any, upon which we will pay amounts in addition to the stated interest, premium, if any
and principal amounts of the debt securities of the series to any holder that is not a “United
States person” for federal tax purposes;
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any restrictions on
transfer, sale or assignment of the debt securities of the series; and
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any other specific terms,
preferences, rights or limitations of, or restrictions on, the debt securities, any other
additions or changes in the provisions of the indenture, and any terms that may be required
by us or advisable under applicable laws or regulations.
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Conversion or Exchange Rights
We will set forth in
the prospectus supplement the terms on which a series of debt securities may be convertible into or exchangeable for our common stock
or our other securities. We will include provisions as to whether conversion or exchange is mandatory, at the option of the holder or
at our option. We may include provisions pursuant to which the number of shares of our common stock or our other securities that the
holders of the series of debt securities receive would be subject to adjustment.
Consolidation, Merger or Sale
Unless we provide otherwise
in the prospectus supplement applicable to a particular series of debt securities, the indenture will not contain any covenant that restricts
our ability to merge or consolidate, or sell, convey, transfer or otherwise dispose of our assets as an entirety or substantially as
an entirety. However, any successor to or acquirer of such assets (other than a subsidiary of ours) must assume all of our obligations
under the indenture or the debt securities, as appropriate.
Events of Default Under the Indenture
Unless we provide otherwise
in the prospectus supplement applicable to a particular series of debt securities, the following are events of default under the indenture
with respect to any series of debt securities that we may issue:
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if we fail to pay interest
when due and payable and our failure continues for 90 days and the time for payment has not
been extended or deferred;
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if we fail to pay the
principal, premium or sinking fund payment, if any, when due and payable and the time for
payment has not been extended or delayed;
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if we fail to observe
or perform any other covenant contained in the debt securities or the indentures, other than
a covenant specifically relating to another series of debt securities, and our failure continues
for 90 days after we receive notice from the debenture trustee or holders of at least 25%
in aggregate principal amount of the outstanding debt securities of the applicable series;
and
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if specified events
of bankruptcy, insolvency or reorganization occur.
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If an event of default
with respect to debt securities of any series occurs and is continuing, other than an event of default specified in the last bullet point
above, the debenture trustee or the holders of at least 25% in aggregate principal amount of the outstanding debt securities of that
series, by notice to us in writing, and to the debenture trustee if notice is given by such holders, may declare the unpaid principal
of, premium, if any and accrued interest, if any, due and payable immediately. If an event of default specified in the last bullet point
above occurs with respect to us, the principal amount of and accrued interest, if any, of each issue of debt securities then outstanding
shall be due and payable without any notice or other action on the part of the debenture trustee or any holder.
The holders of a majority
in principal amount of the outstanding debt securities of an affected series may waive any default or event of default with respect to
the series and its consequences, except defaults or events of default regarding payment of principal, premium, if any, or interest, unless
we have cured the default or event of default in accordance with the indenture. Any waiver shall cure the default or event of default.
Subject to the terms
of the indenture, if an event of default under an indenture shall occur and be continuing, the debenture trustee will be under no obligation
to exercise any of its rights or powers under such indenture at the request or direction of any of the holders of the applicable series
of debt securities, unless such holders have offered the debenture trustee reasonable indemnity. The holders of a majority in principal
amount of the outstanding debt securities of any series will have the right to direct the time, method and place of conducting any proceeding
for any remedy available to the debenture trustee, or exercising any trust or power conferred on the debenture trustee, with respect
to the debt securities of that series, provided that:
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the direction so given
by the holder is not in conflict with any law or the applicable indenture; and
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subject to its duties
under the Trust Indenture Act of 1939, the debenture trustee need not take any action that
might involve it in personal liability or might be unduly prejudicial to the holders not
involved in the proceeding.
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A holder of the debt
securities of any series will have the right to institute a proceeding under the indentures or to appoint a receiver or trustee, or to
seek other remedies only if:
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the holder has given
written notice to the debenture trustee of a continuing event of default with respect to
that series;
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the holders of at least
25% in aggregate principal amount of the outstanding debt securities of that series have
made written request, and such holders have offered reasonable indemnity to the debenture
trustee to institute the proceeding as trustee; and
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the debenture trustee
does not institute the proceeding, and does not receive from the holders of a majority in
aggregate principal amount of the outstanding debt securities of that series other conflicting
directions within 90 days after the notice, request and offer.
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These limitations do
not apply to a suit instituted by a holder of debt securities if we default in the payment of the principal, premium, if any, or interest
on, the debt securities.
We will periodically
file statements with the debenture trustee regarding our compliance with specified covenants in the indentures.
Modification of Indenture; Waiver
We and the debenture
trustee may change an indenture without the consent of any holders with respect to specific matters:
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to cure any ambiguity,
defect or inconsistency in the indenture or in the debt securities of any series;
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to comply with the provisions
described above under “Description of Debt Securities—Consolidation, Merger or
Sale;”
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to provide for uncertificated
debt securities in addition to or in place of certificated debt securities;
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to add to our covenants,
restrictions, conditions or provisions such new covenants, restrictions, conditions or provisions
for the benefit of the holders of all or any series of debt securities, to make the occurrence,
or the occurrence and the continuance, of a default in any such additional covenants, restrictions,
conditions or provisions an event of default or to surrender any right or power conferred
upon us in the indenture;
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to add to, delete from
or revise the conditions, limitations, and restrictions on the authorized amount, terms,
or purposes of issue, authentication and delivery of debt securities, as set forth in the
indenture;
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to make any change that
does not adversely affect the interests of any holder of debt securities of any series in
any material respect;
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to provide for the issuance
of and establish the form and terms and conditions of the debt securities of any series as
provided above under “Description of Debt Securities—General” to establish
the form of any certifications required to be furnished pursuant to the terms of the indenture
or any series of debt securities, or to add to the rights of the holders of any series of
debt securities;
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to evidence and provide
for the acceptance of appointment under any indenture by a successor trustee; or
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to comply with any requirements
of the SEC in connection with the qualification of any indenture under the Trust Indenture
Act of 1939.
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In addition, under the
indenture, the rights of holders of a series of debt securities may be changed by us and the debenture trustee with the written consent
of the holders of at least a majority in aggregate principal amount of the outstanding debt securities of each series that is affected.
However, unless we provide otherwise in the prospectus supplement applicable to a particular series of debt securities, we and the debenture
trustee may make the following changes only with the consent of each holder of any outstanding debt securities affected:
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extending the fixed
maturity of the series of debt securities;
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reducing the principal
amount, reducing the rate of or extending the time of payment of interest, or reducing any
premium payable upon the redemption of any debt securities; or
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reducing the percentage
of debt securities, the holders of which are required to consent to any amendment, supplement,
modification or waiver.
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Discharge
Each indenture provides
that we can elect to be discharged from our obligations with respect to one or more series of debt securities, except for specified obligations,
including obligations to:
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register the transfer
or exchange of debt securities of the series;
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replace stolen, lost
or mutilated debt securities of the series;
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pay principal of and
premium and interest on any debt securities of the series;
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maintain paying agencies;
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hold monies for payment
in trust;
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recover excess money
held by the trustee;
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compensate and indemnify
the trustee; and
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appoint any successor
trustee.
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In order to exercise
our rights to be discharged, we must deposit with the debenture trustee money or government obligations sufficient to pay all the principal
of, any premium, if any, and interest on, the debt securities of the series on the dates payments are due.
Form, Exchange and Transfer
We will issue the debt
securities of each series only in fully registered form without coupons and, unless we provide otherwise in the applicable prospectus
supplement, in denominations of $1,000 and any integral multiple thereof. The indenture provides that we may issue debt securities of
a series in temporary or permanent global form and as book-entry securities that will be deposited with, or on behalf of, The Depository
Trust Company or another depositary named by us and identified in a prospectus supplement with respect to that series. See “Legal
Ownership of Securities” for a further description of the terms relating to any book-entry securities.
At the option of the
holder, subject to the terms of the indenture and the limitations applicable to global securities described in the applicable prospectus
supplement, the holder of any series of debt securities can exchange the debt securities for other debt securities of the same series,
in any authorized denomination and of like tenor and aggregate principal amount.
Subject to the terms
of the indenture and the limitations applicable to global securities set forth in the applicable prospectus supplement, holders of the
debt securities may present the debt securities for exchange or for registration of transfer, duly endorsed or with the form of transfer
endorsed thereon duly executed if so required by us or the security registrar, at the office of the security registrar or at the office
of any transfer agent designated by us for this purpose. Unless otherwise provided in the debt securities that the holder presents for
transfer or exchange, we will impose no service charge for any registration of transfer or exchange, but we may require payment of any
taxes or other governmental charges.
We will name in the
applicable prospectus supplement the security registrar, and any transfer agent in addition to the security registrar, that we initially
designate for any debt securities. We may at any time designate additional transfer agents or rescind the designation of any transfer
agent or approve a change in the office through which any transfer agent acts, except that we will be required to maintain a transfer
agent in each place of payment for the debt securities of each series.
If we elect to redeem
the debt securities of any series, we will not be required to:
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issue, register the
transfer of, or exchange any debt securities of that series during a period beginning at
the opening of business 15 days before the day of mailing of a notice of redemption of any
debt securities that may be selected for redemption and ending at the close of business on
the day of the mailing; or
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register
the transfer of or exchange any debt securities so selected for redemption, in whole or in
part, except the unredeemed portion of any debt securities we are redeeming in part.
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Information Concerning the Debenture Trustee
The debenture trustee,
other than during the occurrence and continuance of an event of default under an indenture, undertakes to perform only those duties as
are specifically set forth in the applicable indenture. Upon an event of default under an indenture, the debenture trustee must use the
same degree of care as a prudent person would exercise or use in the conduct of his or her own affairs. Subject to this provision, the
debenture trustee is under no obligation to exercise any of the powers given it by the indentures at the request of any holder of debt
securities unless it is offered reasonable security and indemnity against the costs, expenses and liabilities that it might incur.
Payment and Paying Agents
Unless we otherwise
indicate in the applicable prospectus supplement, we will make payment of the interest on any debt securities on any interest payment
date to the person in whose name the debt securities, or one or more predecessor securities, are registered at the close of business
on the regular record date for the interest.
We will pay principal
of and any premium and interest on the debt securities of a particular series at the office of the paying agents designated by us, except
that unless we otherwise indicate in the applicable prospectus supplement, we will make interest payments by check that we will mail
to the holder or by wire transfer to certain holders. Unless we otherwise indicate in the applicable prospectus supplement, we will designate
the corporate trust office of the debenture trustee in New York City as our sole paying agent for payments with respect to debt securities
of each series. We will name in the applicable prospectus supplement any other paying agents that we initially designate for the debt
securities of a particular series. We will maintain a paying agent in each place of payment for the debt securities of a particular series.
All money we pay to
a paying agent or the debenture trustee for the payment of the principal of or any premium or interest on any debt securities that remains
unclaimed at the end of two years after such principal, premium or interest has become due and payable will be repaid to us, and the
holder of the debt security thereafter may look only to us for payment thereof.
Governing Law
Unless we provide otherwise
in the applicable prospectus supplement, the indentures and the debt securities will be governed by and construed in accordance with
the laws of the State of New York, except to the extent that the Trust Indenture Act of 1939 is applicable.
DESCRIPTION OF WARRANTS
The following description,
together with the additional information we may include in any applicable prospectus supplement and free writing prospectus, summarizes
the material terms and provisions of the warrants that we may offer under this prospectus, which may consist of warrants to purchase
common stock, preferred stock or debt securities and may be issued in one or more series. Warrants may be offered independently or in
combination with common stock, preferred stock or debt securities offered by any prospectus supplement. While the terms we have summarized
below will apply generally to any warrants that we may offer under this prospectus, we will describe the particular terms of any series
of warrants in more detail in the applicable prospectus supplement. The following description of warrants will apply to the warrants
offered by this prospectus unless we provide otherwise in the applicable prospectus supplement. The applicable prospectus supplement
for a particular series of warrants may specify different or additional terms.
We will file as exhibits
to the registration statement of which this prospectus is a part, or will incorporate by reference from reports that we file with the
SEC, the form of warrant and/or the warrant agreement and warrant certificate, as applicable, that contain the terms of the particular
series of warrants we are offering, and any supplemental agreements, before the issuance of such warrants. The following summaries of
material terms and provisions of the warrants are subject to, and qualified in their entirety by reference to, all the provisions of
the form of warrant and/or the warrant agreement and warrant certificate, as applicable, and any supplemental agreements applicable to
a particular series of warrants that we may offer under this prospectus. We urge you to read the applicable prospectus supplement related
to the particular series of warrants that we may offer under this prospectus, as well as any related free writing prospectus, and the
complete form of warrant and/or the warrant agreement and warrant certificate, as applicable, and any supplemental agreements, that contain
the terms of the warrants.
General
We will describe in
the applicable prospectus supplement the terms of the series of warrants being offered, including:
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the offering price and
aggregate number of warrants offered;
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the currency for which
the warrants may be purchased;
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if applicable, the designation
and terms of the securities with which the warrants are issued and the number of warrants
issued with each such security or each principal amount of such security;
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in the case of warrants
to purchase debt securities, the principal amount of debt securities purchasable upon exercise
of one warrant and the price at, and currency in which, this principal amount of debt securities
may be purchased upon such exercise;
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in the case of warrants
to purchase common stock or preferred stock, the number of shares of common stock or preferred
stock, as the case may be, purchasable upon the exercise of one warrant and the price at
which these shares may be purchased upon such exercise;
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the effect of any merger,
consolidation, sale or other disposition of our business on the warrant agreements and the
warrants;
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the terms of any rights
to redeem or call the warrants;
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any provisions for changes
to or adjustments in the exercise price or number of securities issuable upon exercise of
the warrants;
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the dates on which the
right to exercise the warrants will commence and expire;
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the manner in which
the warrant agreements and warrants may be modified;
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a discussion of material
or special U.S. federal income tax considerations, if any, of holding or exercising the warrants;
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the terms of the securities
issuable upon exercise of the warrants; and
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any other specific terms,
preferences, rights or limitations of or restrictions on the warrants.
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Before exercising their
warrants, holders of warrants will not have any of the rights of holders of the securities purchasable upon such exercise, including:
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in the case of warrants
to purchase debt securities, the right to receive payments of principal of, or premium, if
any, or interest on, the debt securities purchasable upon exercise or to enforce covenants
in the applicable indenture; or
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in the case of warrants
to purchase common stock or preferred stock, the right to receive dividends, if any, or payments
upon our liquidation, dissolution or winding up or to exercise voting rights, if any.
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Exercise of Warrants
Each warrant will entitle
the holder to purchase the securities that we specify in the applicable prospectus supplement at the exercise price that we describe
in the applicable prospectus supplement. The warrants may be exercised as set forth in the prospectus supplement relating to the warrants
offered. Unless we otherwise specify in the applicable prospectus supplement, warrants may be exercised at any time up to the close of
business on the expiration date set forth in the prospectus supplement relating to the warrants offered thereby. After the close of business
on the expiration date, unexercised warrants will become void.
Upon receipt of payment
and the warrant or warrant certificate, as applicable, properly completed and duly executed at the corporate trust office of the warrant
agent, if any, or any other office, including ours, indicated in the prospectus supplement, we will, as soon as practicable, issue and
deliver the securities purchasable upon such exercise. If less than all of the warrants (or the warrants represented by such warrant
certificate) are exercised, a new warrant or a new warrant certificate, as applicable, will be issued for the remaining warrants.
Governing Law
Unless we provide otherwise
in the applicable prospectus supplement, the warrants and any warrant agreements will be governed by and construed in accordance with
the laws of the State of New York.
Enforceability of Rights by Holders of
Warrants
Each warrant agent,
if any, will act solely as our agent under the applicable warrant agreement and will not assume any obligation or relationship of agency
or trust with any holder of any warrant. A single bank or trust company may act as warrant agent for more than one issue of warrants.
A warrant agent will have no duty or responsibility in case of any default by us under the applicable warrant agreement or warrant, including
any duty or responsibility to initiate any proceedings at law or otherwise, or to make any demand upon us. Any holder of a warrant may,
without the consent of the related warrant agent or the holder of any other warrant, enforce by appropriate legal action its right to
exercise, and receive the securities purchasable upon exercise of, its warrants.
No Outstanding Warrants
As of May 7, 2021, there
were no outstanding warrants to purchase shares of our common stock.
DESCRIPTION OF UNITS
The following description,
together with the additional information we may include in any applicable prospectus supplements and free writing prospectuses, summarizes
the material terms and provisions of the units that we may offer under this prospectus. While the terms we have summarized below will
apply generally to any units that we may offer under this prospectus, we will describe the particular terms of any series of units in
more detail in the applicable prospectus supplement. The terms of any units offered under a prospectus supplement may differ from the
terms described below. However, no prospectus supplement will fundamentally change the terms that are set forth in this prospectus or
offer a security that is not registered and described in this prospectus at the time of its effectiveness.
We will file as exhibits
to the registration statement of which this prospectus is a part, or will incorporate by reference from a current report on Form 8-K
that we file with the SEC, the form of unit agreement that describes the terms of the series of units we are offering, and any supplemental
agreements, before the issuance of the related series of units. The following summaries of material terms and provisions of the units
are subject to, and qualified in their entirety by reference to, all the provisions of the unit agreement and any supplemental agreements
applicable to a particular series of units. We urge you to read the applicable prospectus supplements related to the particular series
of units that we sell under this prospectus, as well as the complete unit agreement and any supplemental agreements that contain the
terms of the units.
General
We will describe in
the applicable prospectus supplement the terms of the series of units being offered, including:
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the offering price and
aggregate number of units offered;
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the currency for which
the units may be purchased;
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if applicable, the designation
and terms of the units and of the securities comprising the units, including whether and
under what circumstances those securities may be held or transferred separately;
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a discussion of material
or special U.S. federal income tax considerations, if any, of holding the units; and
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any other specific terms,
preferences, rights or limitations of or restrictions on the units.
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The provisions described
in this section, as well as those described under “Description of Capital Stock,” “Description of Debt Securities”
and “Description of Warrants” will apply to each unit and to any common stock, preferred stock, debt security or warrant
included in each unit, respectively.
Governing Law
Unless we provide otherwise
in the applicable prospectus supplement, the units and any unit agreements will be governed by and construed in accordance with the laws
of the State of New York.
Enforceability of Rights by Holders of
Units
Each unit agent, if
any, will act solely as our agent under the applicable unit agreement and will not assume any obligation or relationship of agency or
trust with any holder of any unit. A single bank or trust company may act as unit agent for more than one series of units. A unit agent
will have no duty or responsibility in case of any default by us under the applicable unit agreement or unit, including any duty or responsibility
to initiate any proceedings at law or otherwise, or to make any demand upon us. Any holder of a unit may, without the consent of the
related unit agent or the holder of any other unit, enforce by appropriate legal action its rights as holder under any security included
in the unit.
LEGAL OWNERSHIP OF SECURITIES
We can issue securities in registered form or
in the form of one or more global securities. We describe global securities in greater detail below. We refer to those persons who have
securities registered in their own names on the books that we or any applicable trustee, depositary or warrant agent maintain for this
purpose as the “holders” of those securities. These persons are the legal holders of the securities. We refer to those persons
who, indirectly through others, own beneficial interests in securities that are not registered in their own names, as “indirect
holders” of those securities. As we discuss below, indirect holders are not legal holders, and investors in securities issued in
book-entry form or in street name will be indirect holders.
Book-Entry Holders
We may issue securities
in book-entry form only, as we will specify in the applicable prospectus supplement. This means securities may be represented by one
or more global securities registered in the name of a financial institution that holds them as depositary on behalf of other financial
institutions that participate in the depositary’s book-entry system. These participating institutions, which are referred to as
participants, in turn, hold beneficial interests in the securities on behalf of themselves or their customers.
Only the person in whose
name a security is registered is recognized as the holder of that security. Securities issued in global form will be registered in the
name of the depositary or its participants. Consequently, for securities issued in global form, we will recognize only the depositary
as the holder of the securities, and we will make all payments on the securities to the depositary. The depositary passes along the payments
it receives to its participants, which in turn pass the payments along to their customers who are the beneficial owners. The depositary
and its participants do so under agreements they have made with one another or with their customers; they are not obligated to do so
under the terms of the securities.
As a result, investors
in a book-entry security will not own securities directly. Instead, they will own beneficial interests in a global security, through
a bank, broker or other financial institution that participates in the depositary’s book-entry system or holds an interest through
a participant. As long as the securities are issued in global form, investors will be indirect holders, and not holders, of the securities.
Street Name Holders
We may terminate a global
security or issue securities in non-global form. In these cases, investors may choose to hold their securities in their own names or
in “street name.” Securities held by an investor in street name would be registered in the name of a bank, broker or other
financial institution that the investor chooses, and the investor would hold only a beneficial interest in those securities through an
account he or she maintains at that institution.
For securities held
in street name, we will recognize only the intermediary banks, brokers and other financial institutions in whose names the securities
are registered as the holders of those securities, and we will make all payments on those securities to them. These institutions pass
along the payments they receive to their customers who are the beneficial owners, but only because they agree to do so in their customer
agreements or because they are legally required to do so. Investors who hold securities in street name will be indirect holders, not
holders, of those securities.
Legal Holders
Our obligations, as
well as the obligations of any applicable trustee and of any third parties employed by us or a trustee, run only to the legal holders
of the securities. We do not have obligations to investors who hold beneficial interests in global securities, in street name or by any
other indirect means. This will be the case whether an investor chooses to be an indirect holder of a security or has no choice because
we are issuing the securities only in global form.
For example, once we
make a payment or give a notice to the holder, we have no further responsibility for the payment or notice even if that holder is required,
under agreements with depositary participants or customers or by law, to pass it along to the indirect holders but does not do so. Similarly,
we may want to obtain the approval of the holders to amend an indenture, to relieve us of the consequences of a default or of our obligation
to comply with a particular provision of the indenture or for other purposes. In such an event, we would seek approval only from the
holders, and not the indirect holders, of the securities. Whether and how the holders contact the indirect holders is up to the holders.
Special Considerations For Indirect Holders
If you hold securities
through a bank, broker or other financial institution, either in book-entry form or in street name, you should check with your own institution
to find out:
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how it handles securities
payments and notices;
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whether it imposes fees
or charges;
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how it would handle
a request for the holders’ consent, if ever required;
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whether and how you
can instruct it to send you securities registered in your own name so you can be a holder,
if that is permitted in the future;
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how it would exercise
rights under the securities if there were a default or other event triggering the need for
holders to act to protect their interests; and
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if the securities are
in book-entry form, how the depositary’s rules and procedures will affect these matters.
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Global Securities
A global security is
a security that represents one or any other number of individual securities held by a depositary. Generally, all securities represented
by the same global securities will have the same terms.
Each security issued
in book-entry form will be represented by a global security that we deposit with and register in the name of a financial institution
or its nominee that we select. The financial institution that we select for this purpose is called the depositary. Unless we specify
otherwise in the applicable prospectus supplement, The Depository Trust Company, New York, New York, known as DTC, will be the depositary
for all securities issued in book-entry form.
A global security may
not be transferred to or registered in the name of anyone other than the depositary, its nominee or a successor depositary, unless special
termination situations arise. We describe those situations below under “Special Situations When a Global Security Will Be Terminated.”
As a result of these arrangements, the depositary, or its nominee, will be the sole registered owner and holder of all securities represented
by a global security, and investors will be permitted to own only beneficial interests in a global security. Beneficial interests must
be held by means of an account with a broker, bank or other financial institution that in turn has an account with the depositary or
with another institution that does. Thus, an investor whose security is represented by a global security will not be a holder of the
security, but only an indirect holder of a beneficial interest in the global security.
If the prospectus supplement
for a particular security indicates that the security will be issued in global form only, then the security will be represented by a
global security at all times unless and until the global security is terminated. If termination occurs, we may issue the securities through
another book-entry clearing system or decide that the securities may no longer be held through any book-entry clearing system.
Special Considerations For Global Securities
The rights of an indirect
holder relating to a global security will be governed by the account rules of the investor’s financial institution and of the depositary,
as well as general laws relating to securities transfers. We do not recognize an indirect holder as a holder of securities and instead
deal only with the depositary that holds the global security.
If securities are issued
only in the form of a global security, an investor should be aware of the following:
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an investor cannot cause
the securities to be registered in his or her name, and cannot obtain non-global certificates
for his or her interest in the securities, except in the special situations we describe below;
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an investor will be
an indirect holder and must look to his or her own bank or broker for payments on the securities
and protection of his or her legal rights relating to the securities, as we describe above;
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an investor may not
be able to sell interests in the securities to some insurance companies and to other institutions
that are required by law to own their securities in non-book-entry form;
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an investor may not
be able to pledge his or her interest in a global security in circumstances where certificates
representing the securities must be delivered to the lender or other beneficiary of the pledge
in order for the pledge to be effective;
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the depositary’s
policies, which may change from time to time, will govern payments, transfers, exchanges
and other matters relating to an investor’s interest in a global security;
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we and any applicable
trustee have no responsibility for any aspect of the depositary’s actions or for its
records of ownership interests in a global security, nor do we or any applicable trustee
supervise the depositary in any way;
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the depositary may,
and we understand that DTC will, require that those who purchase and sell interests in a
global security within its book-entry system use immediately available funds, and your broker
or bank may require you to do so as well; and
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financial institutions
that participate in the depositary’s book-entry system, and through which an investor
holds its interest in a global security, may also have their own policies affecting payments,
notices and other matters relating to the securities.
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There may be more than
one financial intermediary in the chain of ownership for an investor. We do not monitor and are not responsible for the actions of any
of those intermediaries.
Special Situations When a Global Security
Will Be Terminated
In a few special situations
described below, the global security will terminate and interests in it will be exchanged for physical certificates representing those
interests. After that exchange, the choice of whether to hold securities directly or in street name will be up to the investor. Investors
must consult their own banks or brokers to find out how to have their interests in securities transferred to their own name, so that
they will be direct holders. We have described the rights of holders and street name investors above.
Unless we provide otherwise
in the applicable prospectus supplement, the global security will terminate when the following special situations occur:
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if the depositary notifies
us that it is unwilling, unable or no longer qualified to continue as depositary for that
global security and we do not appoint another institution to act as depositary within 90
days;
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if we notify any applicable
trustee that we wish to terminate that global security; or
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if an event of default
has occurred with regard to securities represented by that global security and has not been
cured or waived.
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The prospectus supplement
may also list additional situations for terminating a global security that would apply only to the particular series of securities covered
by the applicable prospectus supplement. When a global security terminates, the depositary, and not we or any applicable trustee, is
responsible for deciding the names of the institutions that will be the initial direct holders.
PLAN OF DISTRIBUTION
We may sell the securities from time to time
pursuant to underwritten public offerings, “at the market” offerings, negotiated transactions, block trades or a combination
of these methods. We may sell the securities to or through underwriters or dealers, through agents, or directly to one or more purchasers.
We may distribute securities from time to time in one or more transactions:
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at a fixed price or
prices, which may be changed;
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at market prices prevailing
at the time of sale;
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at prices related to
such prevailing market prices; or
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A prospectus supplement or supplements (and any
related free writing prospectus that we may authorize to be provided to you) will describe the terms of the offering of the securities,
including, to the extent applicable:
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the name or names of
the underwriters, if any;
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the purchase price of
the securities or other consideration therefor, and the proceeds, if any, we will receive
from the sale;
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any over-allotment options
under which underwriters may purchase additional securities from us;
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any agency fees or underwriting
discounts and other items constituting agents’ or underwriters’ compensation;
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any public offering
price;
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any discounts or concessions
allowed or reallowed or paid to dealers; and
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any securities exchange
or market on which the securities may be listed.
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Only underwriters named in the prospectus supplement
will be underwriters of the securities offered by the prospectus supplement.
If underwriters are used in the sale, they will
acquire the securities for their own account and may resell the securities from time to time in one or more transactions at a fixed public
offering price or at varying prices determined at the time of sale. The obligations of the underwriters to purchase the securities will
be subject to the conditions set forth in the applicable underwriting agreement. We may offer the securities to the public through underwriting
syndicates represented by managing underwriters or by underwriters without a syndicate. Subject to certain conditions, the underwriters
will be obligated to purchase all of the securities offered by the prospectus supplement, other than securities covered by any over-allotment
option. Any public offering price and any discounts or concessions allowed or reallowed or paid to dealers may change from time to time.
We may use underwriters with whom we have a material relationship. We will describe in the prospectus supplement, naming the underwriter,
the nature of any such relationship.
We may sell securities directly or through agents
we designate from time to time. We will name any agent involved in the offering and sale of securities and we will describe any commissions
we will pay the agent in the prospectus supplement. Unless the prospectus supplement states otherwise, our agent will act on a best-efforts
basis for the period of its appointment.
We may authorize agents or underwriters to solicit
offers by certain types of institutional investors to purchase securities from us at the public offering price set forth in the prospectus
supplement pursuant to delayed delivery contracts providing for payment and delivery on a specified date in the future. We will describe
the conditions to these contracts and the commissions we must pay for solicitation of these contracts in the prospectus supplement.
We may provide agents and underwriters with indemnification
against civil liabilities, including liabilities under the Securities Act, or contribution with respect to payments that the agents or
underwriters may make with respect to these liabilities. Agents and underwriters may engage in transactions with, or perform services
for, us in the ordinary course of business.
All securities we may offer, other than common
stock, will be new issues of securities with no established trading market. Any underwriters may make a market in these securities, but
will not be obligated to do so and may discontinue any market making at any time without notice. We cannot guarantee the liquidity of
the trading markets for any securities.
Any underwriter may engage in over-allotment,
stabilizing transactions, short-covering transactions and penalty bids in accordance with Regulation M under the Exchange Act. Over-allotment
involves sales in excess of the offering size, which create a short position. Stabilizing transactions permit bids to purchase the underlying
security so long as the stabilizing bids do not exceed a specified maximum price. Syndicate-covering or other short-covering transactions
involve purchases of the securities, either through exercise of the over-allotment option or in the open market after the distribution
is completed, to cover short positions. Penalty bids permit the underwriters to reclaim a selling concession from a dealer when the securities
originally sold by the dealer are purchased in a stabilizing or covering transaction to cover short positions. Those activities may cause
the price of the securities to be higher than it would otherwise be. If commenced, the underwriters may discontinue any of the activities
at any time.
Any underwriters that are qualified market makers
on The NASDAQ Capital Market may engage in passive market making transactions in the common stock on The NASDAQ Capital Market in accordance
with Regulation M under the Exchange Act, during the business day prior to the pricing of the offering, before the commencement of offers
or sales of the common stock. Passive market makers must comply with applicable volume and price limitations and must be identified as
passive market makers. In general, a passive market maker must display its bid at a price not in excess of the highest independent bid
for such security; if all independent bids are lowered below the passive market maker’s bid, however, the passive market maker’s
bid must then be lowered when certain purchase limits are exceeded. Passive market making may stabilize the market price of the securities
at a level above that which might otherwise prevail in the open market and, if commenced, may be discontinued at any time.
We may engage in “at-the-market-offerings”
into an existing trading market within the meaning of Rule 415(a)(4) under the Securities Act. In addition, we may enter into derivative
transactions with third parties or sell securities not covered by this prospectus to third parties in privately negotiated transactions.
If the applicable prospectus supplement so indicates, in connection with those derivatives, the third parties may sell securities covered
by this prospectus and the applicable prospectus supplement, including in short sale transactions. If so, the third party may use securities
pledged by us or borrowed from us or others to settle those sales or to close out any related open borrowings of stock, and may use securities
received from us in settlement of those derivatives to close out any related open borrowings of stock. The third party in such sale transactions
will be an underwriter and, if not identified in this prospectus, will be named in the applicable prospectus supplement (or a post-effective
amendment). In addition, we may otherwise loan or pledge securities to a financial institution or other third party that in turn may
sell the securities short using this prospectus and the applicable prospectus supplement. Such financial institution or other third party
may transfer its economic short position to investors in our securities or in connection with a concurrent offering of other securities.
The specific terms of any lock-up provisions
in respect of any given offering will be described in the applicable prospectus supplement.
In compliance with the guidelines of the Financial
Industry Regulatory Authority, Inc., or FINRA, the maximum consideration or discount to be received by any FINRA member or independent
broker dealer may not exceed 8% of the aggregate proceeds of the offering.
The underwriters, dealers and agents may engage
in transactions with us, or perform services for us, in the ordinary course of business for which they receive compensation.
LEGAL MATTERS
The validity of the securities being offered
hereby will be passed upon for us by Stubbs Alderton & Markiles, LLP, Sherman Oaks, California.
EXPERTS
The consolidated financial statements of Resonant
Inc. as of December 31, 2020, and for the year ended December 31, 2020, have been incorporated by reference herein in reliance upon the
report of KPMG LLP, independent registered public accounting firm, incorporated by reference herein, and upon the authority of said firm
as experts in accounting and auditing.
The audit report covering the December 31, 2020
consolidated financial statements contains an explanatory paragraph that states that Resonant Inc. has suffered recurring losses from
operations, and expects to continue to incur significant losses, that raise substantial doubt about its ability to continue as a going
concern. The consolidated financial statements do not include any adjustments that might result from the outcome of that uncertainty.
The consolidated balance sheet of Resonant Inc.
as of December 31, 2019, and the related consolidated statements of comprehensive loss, stockholders’ equity and cash flows of
Resonant Inc. for the year ended December 31, 2019, incorporated by reference in this prospectus have been so incorporated in reliance
on the report of Crowe LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing
and accounting.
WHERE YOU CAN FIND MORE
INFORMATION
This prospectus is part
of the registration statement on Form S-3 we filed with the SEC under the Securities Act and does not contain all the information set
forth in the registration statement. Whenever a reference is made in this prospectus to any of our contracts, agreements or other documents,
the reference may not be complete and you should refer to the exhibits that are a part of the registration statement or the exhibits
to the reports or other documents incorporated by reference into this prospectus for a copy of such contract, agreement or other document.
Because we are subject to the information and reporting requirements of the Exchange Act, we file annual, quarterly and current reports,
proxy statements and other information with the SEC. Our SEC filings are available to the public over the Internet at the SEC’s
website at www.sec.gov. Our Internet address is www.resonant.com. You may also read and copy any document we file at the SEC’s
Public Reference Room at 100 F Street, N.E., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for further information on
the operation of the Public Reference Room.
INCORPORATION OF CERTAIN
INFORMATION BY REFERENCE
The SEC allows us to
incorporate by reference the information we file with it, which means that we can disclose important information to you by referring
you to another document that we have filed separately with the SEC. You should read the information incorporated by reference because
it is an important part of this prospectus. We incorporate by reference the following information or documents that we have filed with
the SEC (Commission File No. 001-36467):
Any information in any
of the foregoing documents will automatically be deemed to be modified or superseded to the extent that information in this prospectus
or in a later filed document that is incorporated or deemed to be incorporated herein by reference modifies or replaces such information.
We also incorporate
by reference any future filings (other than current reports furnished under Item 2.02 or Item 7.01 of Form 8-K and exhibits
filed on such form that are related to such items) made with the SEC pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange
Act, including all such reports filed after the date of the initial registration statement and prior to effectiveness of the registration
statement, until we file a post-effective amendment that indicates the termination of the offering of the securities made by this prospectus.
Information in such future filings updates and supplements the information provided in this prospectus. Any statements in any such future
filings will automatically be deemed to modify and supersede any information in any document we previously filed with the SEC that is
incorporated or deemed to be incorporated herein by reference to the extent that statements in the later filed document modify or replace
such earlier statements.
We will furnish without
charge to each person to whom a copy of this prospectus is delivered, upon written or oral request, a copy of the documents that have
been incorporated by reference into this prospectus, including exhibits to these documents. You should direct any requests for copies
to:
Resonant Inc.
10900 Stonelake Boulevard
Suite 100, Office 02-130
Austin, Texas 78759
Attn: Investor Relations
Telephone: (805) 308-9803
The
information in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement
filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and is not soliciting
an offer to buy these securities in any state where the offer or sale is not permitted.
Subject
to Completion, Dated may 13, 2021
PROSPECTUS SUPPLEMENT
$50,000,000
Common Stock
_________________________
We entered into an At-the-Market Equity Offering Sales Agreement dated
August 14, 2020, or the Sales Agreement, with Stifel, Nicolaus & Company, Incorporated, or Stifel, relating to shares of our common
stock offered by this prospectus supplement and the accompanying prospectus. In accordance with the terms of the Sales Agreement, pursuant
to this prospectus supplement and the accompanying prospectus, we may offer and sell shares of our common stock, having an aggregate
offering price of up to $50.0 million from time to time on or after the date of this prospectus supplement through Stifel as our sales
agent.
We previously filed with the Securities and
Exchange Commission, or the SEC, a prospectus supplement dated August 14, 2020 and accompanying prospectus dated November 29, 2018, which
were previously made part of the registration statements on Form S-3 (File No. 333-228353 and File No. 333-246336) that we filed with
the SEC, to offer and sell from time to time pursuant to the Sales Agreement shares of our common stock having an aggregate offering
price of up to $25.0 million. The shares of common stock offered by this prospectus supplement and the accompanying prospectus for sale
pursuant to the Sales Agreement are in addition to the shares of common stock that may be offered for sale under the Sales Agreement
pursuant to the prospectus supplement dated August 14, 2020 and its accompanying prospectus. As of May 7, 2021, we have sold a total
of 5,546,601 shares of our common stock for gross proceeds of $16,178,165 pursuant to the prospectus supplement dated August 14, 2020
and its accompanying prospectus, which leaves a total maximum aggregate offering price of $58,821,835 of our common stock available for
sale under the Sales Agreement pursuant to both this prospectus supplement and the accompanying prospectus and the prospectus supplement
dated August 14, 2020 and its accompanying prospectus.
This prospectus supplement should be read
in conjunction with the accompanying prospectus, and is qualified by reference thereto, except to the extent that the information herein
amends or supersedes the information contained in the accompanying prospectus. This prospectus supplement is not complete without, and
may only be delivered or utilized in connection with, the accompanying prospectus, and any future amendments or supplements thereto.
Our common stock is listed on the Nasdaq
Capital Market under the symbol “RESN.” The last reported sale price of our common stock on the Nasdaq Capital Market on
May 7, 2021 was $2.93 per share.
Sales of our common stock, if any, under
this prospectus supplement and the accompanying prospectus may be made in sales deemed to be an “at the market offering”
as defined in Rule 415(a)(4) promulgated under the Securities Act of 1933, as amended, or the Securities Act. Stifel is not required
to sell any specific number or dollar amount of securities, but will act as a sales agent using commercially reasonable efforts consistent
with its normal trading and sales practices on mutually agreed terms between Stifel and us. There is no arrangement for funds to be received
in any escrow, trust or similar arrangement.
The compensation to Stifel for sales of common
stock sold pursuant to the Sales Agreement will be an amount equal to 3.0% of the gross sales price per share of common stock sold under
the Sales Agreement. In connection with the sale of the common stock on our behalf, Stifel will be deemed to be an “underwriter”
within the meaning of the Securities Act and the compensation of Stifel will be deemed to be underwriting commissions or discounts. We
have also agreed to provide indemnification and contribution to Stifel with respect to certain liabilities, including liabilities under
the Securities Act or the Securities Exchange Act of 1934, as amended, or the Exchange Act.
_________________________
Investing in our securities involves a high
degree of risk. You should read this prospectus supplement, the accompanying prospectus and the documents incorporated by reference herein
before you make your investment decision. See “Risk Factors” beginning on page S-8 of this prospectus supplement and in the
documents incorporated by reference herein, including our most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, to
read about risks that you should consider before purchasing shares of our common stock.
_________________________
Neither the Securities and Exchange Commission
nor any state securities commission has approved or disapproved of these securities or passed upon the accuracy or adequacy of this prospectus
supplement or the accompanying prospectus. Any representation to the contrary is a criminal offense.
_________________________
Stifel
The date of
this prospectus supplement is
, 2021.
TABLE OF CONTENTS
ABOUT THIS PROSPECTUS
SUPPLEMENT
This prospectus supplement is a supplement to the
accompanying prospectus that is also a part of this document. This prospectus supplement and the accompanying prospectus are part of
a registration statement on Form S-3 that we filed with the Securities and Exchange Commission, or the SEC, using a “shelf”
registration process. Under this “shelf” registration process, we may from time to time sell any combination of securities
described in the accompanying prospectus in one or more offerings up to a total of $100.0 million.
This prospectus supplement and the accompanying
prospectus do not constitute an offer to sell or a solicitation of an offer to buy the shares offered hereby in any jurisdiction where,
or to any person to whom, it is unlawful to make such offer or solicitation.
We provide
information to you about this offering of our common stock in two separate documents that are bound together: (1) this prospectus
supplement, which describes the specific details regarding this offering; and (2) the accompanying base prospectus, which provides
general information, some of which may not apply to this offering. Generally, when we refer to this “prospectus supplement,”
we are referring to both documents combined. If information in this prospectus supplement is inconsistent with the accompanying base
prospectus, you should rely on this prospectus supplement. To the extent there is a conflict between the information contained in this
prospectus supplement, on the one hand, and the information contained in any document incorporated by reference in this prospectus supplement,
on the other hand, you should rely on the information in this prospectus supplement. If any statement in one of these documents is inconsistent
with a statement in another document having a later date—for example, a document incorporated by reference in this prospectus supplement—the
statement in the document having the later date modifies or supersedes the earlier statement.
You should rely only on the information contained
in or incorporated by reference into this prospectus supplement and the accompanying prospectus or any free writing prospectus. We have
not, and the sales agent has not, authorized any other person to provide you with different information. If anyone provides you with
different or inconsistent information, you should not rely on it. The information contained in or incorporated by reference into this
prospectus supplement and the accompanying prospectus is current as of the date such information is presented, regardless of the time
of delivery of this prospectus supplement or of any sale of the shares. Our business, financial condition, results of operations and
prospects may have changed since those dates. It is important for you to read and consider all information contained in this prospectus
supplement and the accompanying prospectus, including the documents incorporated by reference herein and therein, in making your investment
decision. You should also read and consider the information in the documents we have referred you to in the sections entitled “Where
You Can Find More Information” and “Incorporation of Certain Information By Reference” below.
This prospectus supplement
and the information incorporated herein by reference include trademarks, services marks and trade names owned by us or other companies.
All trademarks, service marks and trade names included or incorporated by reference into this prospectus supplement or any related free
writing prospectuses are the property of their respective owners.
Unless the context otherwise
requires, the terms “we,” “our,” “us,” “our company,” and “Resonant” refer
to Resonant Inc. and its subsidiaries.
PROSPECTUS
SUPPLEMENT SUMMARY
This
summary highlights selected information contained elsewhere or incorporated by reference in this prospectus supplement or the accompanying
prospectus. Because it is a summary, it does not contain all of the information that you should consider before investing in the shares.
You should read this entire prospectus supplement and the accompanying prospectus carefully, including the “Risk Factors,”
and the financial statements and other information incorporated by reference in this prospectus supplement and the accompanying prospectus.
Resonant
Inc.
Resonant
is a late-stage development company that has created an innovative software, intellectual property, or IP, and services platform that
has the ability to increase designer efficiency, reduce the time to market and lower unit costs in the designs of filters for radio frequency,
or RF, front-ends for the mobile device, automotive, medical, internet-of-things and related industries. The RF front-end, or RFFE, is
the circuitry in a device responsible for analog signal processing and is located between the device’s antenna and its digital
circuitry. The software platform we continue to develop is based on fundamentally new technology that we call Infinite Synthesized Networks®,
or ISN®, to configure and connect resonators, the building blocks of RF filters. Filters are a critical component of the RF front-end
used to select desired radio frequency signals and reject unwanted signals. Our ISN® platform allows us to develop unique, custom
designs that address the increasing complexity of the RFFE due to increasing bandwidth requirements, such as by using carrier aggregation
(the combining of multiple frequencies into a single data stream to increase throughput through higher data rates), or CA, by both reducing
the size of the filter and improving performance. Our goal is to utilize our ISN® platform to support our customers in reducing their
time to develop complex filter and module designs, to access new classes of filter designs, and to do it more cost effectively. Additionally,
our ISN® platform has allowed us to expand our customer focus beyond just filter manufacturers by enabling a new class of customer
- fabless filter manufacturers. These companies do not have their own internal filter fabrication facility, or fab, and typically already
would be supplying other products in the RFFE to the original equipment manufacturers (OEMs), and, as a result do not require a protracted
new vendor qualification process in order to supply parts. Through our existing customer relationships, we are able to leverage our ISN®
tools to deliver cutting edge filter designs to these fabless filter manufacturers.
We
are commercializing our technology through the creation of filter designs that address the problems in the high growth RFFE industry
created by the growing number of frequency bands in mobile and other RFFE enabled devices. The worldwide adoption of Long Term Evolution,
or LTE, as the global standard, the transition to 5G, and the use of mobile devices to access the Internet, has resulted in massive proliferation
of frequency bands which, when combined with CA for higher data rates and multiple input multiple output, or MIMO, has resulted in an
ever-increasing number and complexity of filters in the RFFE. We have developed and continue to expand a series of single-band designs
for frequency bands presently dominated by larger and more expensive bulk acoustic wave, or BAW, filters. We are also developing multiplexer
filter designs for two or more bands to address the CA requirements of our customers. We are using our ISN® platform to efficiently
integrate these designs into RF modules for our module customers. Currently, we are leveraging ISN® to develop these designs targeted
for either the Surface Acoustic Wave (SAW) or Temperature Compensated, Surface Acoustic Wave (TC-SAW) manufacturing processes. In 2018
we further extended ISN® for BAW designs, which has resulted in our invention of a resonator structure based on a combination of
interdigital transducer (IDT) and piezoelectric membrane, which we call XBAR®, which exhibits performance parameters suitable for
5G and WiFi applications - high frequency operation, large bandwidth and high power reliability. Our success with XBAR® is dependent
on our ability to develop high frequency filters utilizing these resonator structures that are successfully adopted by our targeted customers,
which will be determined by our ability to show improved performance over competing products or significantly reduce the size and cost
of their products.
We
believe licensing our designs, either as prepaid royalties or royalties paid as products ship, is the most direct and effective means
of validating our ISN® platform and IP to address this rapidly growing market. Our target customers make part or all of the RFFE.
We intend to retain ownership of our designs, and we expect to be compensated through license fees and royalties based on sales of RFFE
filters that incorporate our designs and leverage our ISN® platform.
Our
customer engagement process typically begins with the execution of a Joint Development Agreement, or JDA, and License Agreement, or LA,
for specific bands. Depending on the complexity of the design, we estimate that initial samples of products to OEMs, will occur typically
within nine to thirty-six months following execution of a license agreement. We classify these new designs as either ISN® Ready (9-12
months), ISN® Pilot (12-18 months), ISN® Advanced (18-36 months) or ISN® Development (Custom). Following these development
cycles, designs are manufactured, qualified by our customers and sampled to OEM customers. Our customers can take from three to six months
to qualify a design and then the OEMs can take an additional three to six months, or longer, to qualify a design as fit for use, reliable
and ready for mass production. The point at which an OEM begins taking product from our customers in mass production is typically when
royalty revenues would begin. Our customer agreements typically provide for upfront design fees and royalty payments for each unit sold
using our filter designs and typically last for a minimum of two years, but may be renewed for a longer period. More recently our agreements
have included pre-paid royalties, which can be fully paid-up for a design, or a partial pre-pay with subsequent royalties when the part
begins shipping.
In
2017, in order to further facilitate our fabless filter program, and to provide manufacturing stability across the supply chain, we embarked
on the creation of our Foundry Program. Foundries joining Resonant’s program first complete a foundry evaluation process to ensure
alignment with our customers for filter performance, manufacturing quality and capacity, and business practices. Once the evaluation
is completed, the foundry runs a characterization lot, used to create a foundry process design kit, after which we are ready to start
designs for manufacture in the foundry. Packaging/Back-end vendors can also join the program by completing a back-end evaluation process
to match their capabilities with foundry partners and our customers. Through this program we enable a secure supply chain for all our
customers.
In
2019, we began development of Filter IP Standard Library designs to enable faster time to market for our customers. Further, the first
Filter IP Library design was incorporated into Cadence Design Systems, Inc.'s AWR design suite, allowing module designers access to Resonant
filter designs. At Mobile World Congress we showed the first 5G filter based upon XBAR® technology - an n79 filter. Subsequently,
we accepted a $7.0 million investment and signed a commercial agreement for the development and license of filters for four bands based
on XBAR® technology, with the industry's largest provider of filters for the RFFE. The commercial agreement provides for our receipt
of up to an aggregate of $9.0 million of contract consideration in the form of "pre-paid royalties" for the licensed designs
and certain other intellectual property developed in the collaboration, payable in installments over a multi-year development period,
with each installment conditioned upon our achievement of certain milestones and deliverables acceptable to our customer in its discretion.
During 2020, we continued the development of filters under the commercial agreement, resulting in completion of the second milestone
ahead of schedule in October. This milestone is significant as it recognizes achieving predetermined target performance, packaging and
initial reliability. Completion of the milestone also resulted in the second payment from this customer. We have received a total of
$4.5 million from this customer as of December 31, 2020. In accounting for this contract under ASC 606, we have determined the total
contract consideration is to be recognized over time as the intellectual property is developed.
Early
in 2020 we signed multiple new license agreements with a major foundry focused on the China market, further enhancing our foundry program.
These agreements include both pre-paid royalties and royalty payments due upon shipment of parts for the licensed designs. In August
of 2020 we demonstrated that XBAR® based filters could be manufactured using standard SAW foundry processing, a much simpler and
lower cost process than is used for other BAW filter manufacturing. During the year we expanded our patent portfolio and ended the year
with more than 300 issued and pending patents, with more than 150 patents protecting our XBAR® technology. The combination of progress
developing XBAR®-based filters, advances in our foundry program and increasing shipments of our legacy designs resulted in record
annual revenues in 2020 and more than 50 million filters shipped using ISN® designs since our inception.
We
plan to continue to pursue filter design projects with existing and potential customers and other strategic partners. These types of
arrangements offer complementary technology and market intelligence. In addition, we will continue to help develop a fabless filter eco-system
to support the growth in filter volumes for our customers. We are also investigating the potential of licensing part or all of our ISN®
software design suite to potential customers in the RFFE industry. We will continue to develop XBAR® technology for both mobile and
non-mobile applications, including 5G, WiFi and Ultra-WideBand (UWB) applications, forming strategic partnerships with filter manufacturers
and customers to bring the technology to market as quickly as possible. We intend to retain ownership of our technology, software, designs
and related improvements. Our goal is to establish and leverage alliances with new and existing customers, who will help grow the market
for our designs by integrating them with their own proprietary technology and products, or by using our software products for their own
designs, thus combining their own particular strengths with ours to provide an extensive array of solutions.
Corporate
Information
We
were incorporated in Delaware in January 2012. Our principal executive offices are located at 10900 Stonelake Boulevard, Suite 100, Office
02-130, Austin, Texas 78759, and our telephone number at this location is (805) 308-9803. Our website address is www.resonant.com. The
information contained on, or that can be accessed through, our website is not a part of this prospectus supplement or the accompanying
prospectus.
THE
OFFERING
Issuer
|
Resonant Inc.
|
|
|
Common stock offered by us
|
Shares of our common stock having a total
maximum aggregate offering price of up to $50.0 million.
|
|
|
Common stock to be outstanding after the offering
|
Up to 77,487,969 shares, assuming sales at a price of $2.93 per share, which
was the closing price on the Nasdaq Capital Market on May 7, 2021. The actual number of shares issued will vary depending on the sales
price under this offering.
|
|
|
Manner of offering
|
“At-the-market” offering that may be made from time to time, if at
all, through our sales agent, Stifel. See “Plan of Distribution” on page S-13.
|
|
|
Use of Proceeds
|
We intend to use the net proceeds from this offering for working capital and
other general corporate purposes. See “Use of Proceeds” on page S-11.
|
|
|
Risk Factors
|
See “Risk Factors” beginning on page S-8 of this prospectus
supplement and page 6 of the accompanying prospectus, as well as those risk factors that are incorporated by reference in this prospectus
supplement and the accompanying prospectus, for a discussion of factors you should carefully consider before deciding to invest in
shares of our common stock.
|
|
|
Nasdaq Capital Market symbol
|
RESN
|
The
number of shares of our common stock to be outstanding after this offering is based on 60,423,123 shares of our common stock outstanding
as of May 7, 2021 and excludes:
|
·
|
1,036,045
shares of our common stock issuable upon exercise of outstanding options as of May
7, 2021 granted under our equity incentive plans at a weighted average exercise price of
$4.64 per share;
|
|
·
|
4,212,943
shares of our common stock issuable upon the release of outstanding restricted stock
units as of May 7, 2021 granted under our equity incentive plans with a weighted average
grant date fair value of $3.56 per share;
|
|
·
|
4,303,407
shares of our common stock available as of May 7, 2021 for issuance or future grant pursuant
to our equity incentive plan; and
|
|
·
|
shares
of our common stock having a total maximum aggregate
offering price of up to $8,821,835 that may be sold under the Sales Agreement pursuant
to the prospectus supplement dated August 14, 2020 and its accompanying prospectus.
|
RISK FACTORS
An investment in our common stock is subject
to numerous risks as discussed more fully below and under the caption “Risk Factors” in the accompanying prospectus, our
most recent Annual Report on Form 10-K and our most recent Quarterly Report on Form 10-Q, both of which we incorporate by reference herein,
and other information that we file from time to time with the SEC after the date of this prospectus supplement and which we incorporate
by reference herein. Any of these risks could adversely affect our financial condition and results of operations or our ability to execute
our business strategy. You should read and consider carefully all the information set forth and incorporated by reference in this prospectus
supplement and the accompanying prospectus before deciding whether to invest in our common stock. The risks and uncertainties we have
described are not the only ones facing our company. Additional risks and uncertainties not presently known to us or that we currently
consider immaterial may also affect our business operations. See “Incorporation of Certain Documents By Reference.”
Risks Related to this Offering
Resales of our common stock in the public market during this
offering by our stockholders may cause the market price of our common stock to fall.
We may issue common stock from time to time in
connection with this offering. This issuance from time to time of these new shares of our common stock, or our ability to issue these
shares of common stock in this offering, could result in resales of our common stock by our current stockholders concerned about the
potential dilution of their holdings. In turn, these resales could have the effect of depressing the market price for our common stock.
Purchasers will experience immediate dilution in the book value
per share of the common stock purchased in the offering.
The expected offering price of our common stock
will be substantially higher than the net tangible book value per share of our outstanding common stock. As a result, based on our capitalization
as of March 31, 2021, investors purchasing shares in this offering would incur immediate dilution of $2.08 per share of common stock
purchased, based on an assumed public offering price of our common stock of $2.93 per share, the last reported sale price of the common
stock on May 7, 2021. See “Dilution” in this prospectus supplement for a more detailed discussion of the dilution you will
incur if you purchase shares in this offering.
Our management will have broad discretion over the use of the
proceeds we receive in this offering and might not apply the proceeds in ways that increase the value of your investment.
Our management will have broad discretion to
use our net proceeds from this offering and you will be relying on the judgment of our management regarding the application of these
proceeds. Our management might not apply our net proceeds of this offering in ways that increase the value of your investment. You will
not have the opportunity to influence our decisions on how to use our net proceeds from this offering.
If we raise additional capital in the future, your ownership
in us could be diluted.
Any issuance of equity we may undertake in the
future to raise additional capital could cause the price of our common stock to decline, or require us to issue shares at a price that
is lower than that paid by holders of our common stock in the past, which would result in those newly issued shares being dilutive. In
addition, the price per share at which we sell additional shares of our common stock, or securities convertible or exchangeable into
common stock, in future transactions may be higher or lower than the price per share paid by investors in this offering. If we
obtain funds through a credit facility or through the issuance of debt or preferred securities, these securities would likely have rights
senior to your rights as a common stockholder, which could impair the value of our common stock.
FORWARD-LOOKING STATEMENTS
This prospectus supplement,
the accompanying prospectus and the documents incorporated by reference contain forward-looking statements within the meaning of Section 27A
of the Securities Act of 1933, or Securities Act, and Section 21E of the Securities Exchange Act of 1934, or Exchange Act. These
statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance
or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking
statements. These forward-looking statements include, but are not limited to, those concerning the following:
|
•
|
the intended use of proceeds under this prospectus supplement
and the prospectus;
|
|
•
|
the impact of the coronavirus, or COVID-19, pandemic on our
worldwide operations and those of our business partners;
|
|
•
|
our ability to fund our planned operations and implement our
business plan;
|
|
•
|
the status of filter designs under development;
|
|
•
|
the prospects for licensing filter designs upon completion of
development;
|
|
•
|
plans for other filter designs not currently in development;
|
|
•
|
potential customers for our designs;
|
|
•
|
the timing and amount of future royalty streams;
|
|
•
|
our plans regarding the use of proceeds from our equity financings
and the expected duration of our capital resources;
|
|
•
|
our plans regarding future financings;
|
|
•
|
the impact of our designs on the mobile device market;
|
|
•
|
our intentions, expectations and beliefs regarding anticipated
growth, market penetration and trends in our business;
|
|
•
|
the timing and success of our plan of commercialization;
|
|
•
|
our dependence on growth in our customers’ businesses;
|
|
•
|
our customers’ success in marketing products incorporating
our designs to their customers;
|
|
•
|
the effects of market conditions on our stock price and operating
results;
|
|
•
|
our ability to maintain our competitive technological advantages
against competitors in our industry and the related costs associated with defending intellectual
property infringement and other claims;
|
|
•
|
our ability to timely and effectively adapt our existing technology
and have our technology solutions gain market acceptance;
|
|
•
|
our ability to introduce new filter designs and bring them to
market in a timely manner;
|
|
•
|
our ability to maintain, protect and enhance our intellectual
property;
|
|
•
|
our expectations concerning our relationships with our customers
and other third parties and our customers’ relationships with their manufacturers;
|
|
•
|
the attraction and retention of qualified employees and key
personnel;
|
|
•
|
future acquisitions of or investments in complementary companies
or technologies; and
|
|
•
|
our ability to comply with evolving legal standards and regulations,
particularly concerning requirements for being a public company and United States export
regulations.
|
In some cases, you can
identify forward-looking statements by terms such as “anticipates,” “believes”, “could”, “estimates”,
“expects”, “intends”, “may”, “plans”, “potential”, “predicts”,
“projects”, “should”, “will”, “would” as well as similar expressions. Forward-looking
statements reflect our current views with respect to future events, are based on assumptions and are subject to risks, uncertainties
and other important factors. We discuss many of these risks, uncertainties and other important factors in greater detail under the heading
“Risk Factors” contained in this prospectus supplement and any related free writing prospectus, and in our most recent annual
report on Form 10-K and in our most recent quarterly report on Form 10-Q, as well as any amendments thereto reflected in subsequent
filings with the SEC. Given these risks, uncertainties and other important factors, you should not place undue reliance on these forward-looking
statements. Also, these forward-looking statements represent our estimates and assumptions only as of the date such forward-looking statements
are made. Except as required by law, we assume no obligation to update any forward-looking statements publicly, or to reflect facts and
circumstances after the date of this prospectus supplement. Before deciding to purchase our securities, you should carefully read both
this prospectus supplement, the accompanying prospectus and any related free writing prospectus, together with the information incorporated
herein by reference as described under the heading “Incorporation of Certain Information by Reference,” completely and with
the understanding that our actual future results may be materially different from what we expect.
USE OF PROCEEDS
We intend to use the net
proceeds, if any, from the sale of common stock offered hereby for working capital and other general corporate purposes. We have not
determined the amounts we plan to spend on the areas listed above or the timing of these expenditures. As a result, our management will
have broad discretion to allocate the net proceeds of this offering. Pending the application of the net proceeds for these purposes,
we intend to invest the net proceeds in short-term, investment-grade securities.
DILUTION
The net tangible book
value of our common stock as of March 31, 2021 was approximately $17.1 million, or approximately $0.28 per share. Net tangible book value
per share is equal to the amount of our total tangible assets, less total liabilities, divided by the number of shares of common stock
outstanding. Dilution in net tangible book value per share represents the difference between the amount per share paid by purchasers
of shares of common stock in this offering and the net tangible book value per share of our common stock immediately afterwards.
After giving effect
to the sale by us of shares of our common stock in the total aggregate amount of $50.0 million at an assumed offering price of $2.93
per share, the last reported sale price of our common stock on May 7, 2021 on the Nasdaq Capital Market, and after deducting underwriting
commissions and estimated offering expenses, our net tangible book value as of March 31, 2021 would have been approximately $65.3 million,
or $0.85 per share. This represents an immediate increase in net tangible book value of $0.56 per share to existing stockholders and
an immediate dilution of $2.08 per share to new investors purchasing shares of common stock in this offering. The following table illustrates
this dilution:
Assumed offering price per share
|
|
|
|
$
|
2.93
|
Net tangible book value per share as of March 31, 2021
|
$
|
0.28
|
|
|
|
Increase per share attributable to new investors after giving
effect to the offering
|
|
0.56
|
|
|
|
As adjusted net tangible book value per share after this offering
|
|
|
|
|
0.85
|
Dilution in net tangible book value per share to new investors
|
|
|
|
$
|
2.08
|
The table above assumes
for illustrative purposes only an aggregate of 17,064,846 shares of our common stock are sold at a price of $2.93 per share, for aggregate
gross proceeds of $50.0 million. The shares, if any, sold in this offering will be sold from time to time at various prices. An increase
of $1.00 per share in the price at which the shares are sold from the assumed offering price per share shown in the table above, or $3.93
per share, assuming all of our common stock in the aggregate amount of $50.0 million is sold at that price, would increase our adjusted
net tangible book value per share after the offering to $0.90 per share and would increase the dilution in net tangible book value per
share to new investors in this offering to $3.03 per share, after deducting commissions and estimated aggregate offering expenses payable
by us. A decrease of $1.00 per share in the price at which the shares are sold from the assumed offering price per share shown in the
table above, or $1.93 per share, assuming all of our common stock in the aggregate amount of $50.0 million is sold at that price, would
increase our adjusted net tangible book value per share after the offering to $0.76 per share and would decrease the dilution in net
tangible book value per share to new investors in this offering to $1.17 per share, after deducting commissions and estimated aggregate
offering expenses payable by us. This information is supplied for illustrative purposes only.
The calculations above
are based on 60,201,721 shares of our common stock outstanding as of March 31, 2021 and exclude the following:
|
·
|
1,036,358
shares of our common stock issuable upon exercise of outstanding options as of March
31, 2021 granted under our equity incentive plans at a weighted average exercise price of
$4.64 per share;
|
|
·
|
4,263,345
shares of our common stock issuable upon the release of outstanding restricted stock
units as of March 31, 2021 granted under our equity incentive plans with a weighted average
grant date fair value of $3.57 per share;
|
|
·
|
4,311,407
shares of our common stock available as of March 31, 2021 for issuance or future grant
pursuant to our equity incentive plan.
|
From April 1, 2021 through
May 7, 2021, we issued an aggregate of 58,402 shares of our common stock as a result of settlement of RSUs.
As of May 7, 2021, a
total maximum aggregate offering price of $8,821,835 of our common stock was available for sale under the Sales Agreement pursuant to
the prospectus supplement dated August 14, 2020 and its accompanying prospectus.
PLAN OF DISTRIBUTION
We have previously entered into an at-the-market
equity offering sales agreement, or the Sales Agreement, with Stifel, under which we may issue and sell shares of our common stock, from
time to time, through Stifel acting as sales agent. Pursuant to this prospectus supplement, we may sell shares of our common stock having
total aggregate gross proceeds of up to $50.0 million under the Sales Agreement. Stifel may sell the common stock by any method that
is deemed to be an “at the market offering” as defined in Rule 415(a)(4) promulgated under the Securities Act.
Each time we wish to issue and sell common stock
under the Sales Agreement, we will notify Stifel of the number of shares to be issued, the dates on which such sales are anticipated
to be made and any minimum price below which sales may not be made. Once we have so instructed Stifel, unless Stifel declines to accept
the terms of this notice, Stifel has agreed to use its commercially reasonable efforts consistent with its normal trading and sales practices
to sell such shares up to the amount specified on such terms. The obligations of Stifel under the Sales Agreement to sell our common
stock are subject to a number of conditions that we must meet.
The settlement between us and Stifel is generally
anticipated to occur on the second trading day following the date on which the sale was made. Sales of our common stock as contemplated
in this prospectus supplement will be settled through the facilities of The Depository Trust Company or by such other means as we and
Stifel may agree upon. There is no arrangement for funds to be received in an escrow, trust or similar arrangement.
We will pay Stifel a commission equal to 3.0%
of the gross proceeds we receive from the sales of our common stock under the Sales Agreement. Because there is no minimum offering amount
required as a condition to close this offering, the actual total public offering size, commissions and proceeds to us, if any, are not
determinable at this time. In connection with the sale of the common stock on our behalf, Stifel will be deemed to be an “underwriter”
within the meaning of the Securities Act, and the compensation of Stifel will be deemed to be underwriting commissions or discounts.
We have agreed to provide indemnification and contribution to Stifel with respect to certain civil liabilities, including liabilities
under the Securities Act. We have also agreed to reimburse Stifel for certain expenses incurred in connection with the offering of our
common stock pursuant to the sales agreement, up to a maximum of $50,000. We estimate that our total expenses for the offering,
excluding compensation payable to Stifel under the terms of the Sales Agreement, will be approximately $200,000.
The offering of our common stock pursuant to
the Sales Agreement will terminate upon the earlier of (i) the sale of all of our common stock provided for in this prospectus supplement
or (ii) termination of the Sales Agreement as permitted therein. This summary of the material provisions of the Sales Agreement does
not purport to be a complete statement of its terms and conditions.
Stifel and its affiliates may in the future provide
various investment banking, commercial banking and other financial services for us and our affiliates, for which services they may in
the future receive customary fees.
This prospectus supplement and the accompanying
prospectus in electronic format may be made available on a website maintained by Stifel and Stifel may distribute this prospectus supplement
and the accompanying prospectus electronically.
To the extent required by Regulation M, Stifel
will not engage in any market making activities involving our common stock while the offering is ongoing under this prospectus supplement.
LEGAL MATTERS
The validity of the securities being offered hereby
will be passed upon for us by Stubbs Alderton & Markiles, LLP, Sherman Oaks, California. Mintz, Levin, Cohn, Ferris, Glovsky and
Popeo, P.C., Boston, Massachusetts, is acting as counsel for the placement agent in connection with certain legal matters relating to
the shares of common stock offered by this prospectus supplement.
EXPERTS
The consolidated financial statements of Resonant
Inc. as of December 31, 2020, and for the year ended December 31, 2020, have been incorporated by reference herein in reliance upon the
report of KPMG LLP, independent registered public accounting firm, incorporated by reference herein, and upon the authority of said firm
as experts in accounting and auditing.
The audit report covering the December 31, 2020
consolidated financial statements contains an explanatory paragraph that states that Resonant Inc. has suffered recurring losses from
operations, and expects to continue to incur significant losses, that raise substantial doubt about its ability to continue as a going
concern. The consolidated financial statements do not include any adjustments that might result from the outcome of that uncertainty.
The consolidated balance sheet of Resonant Inc.
as of December 31, 2019, and the related consolidated statements of comprehensive loss, stockholders’ equity and cash flows of
Resonant Inc. for the year ended December 31, 2019, incorporated by reference in this prospectus have been so incorporated in reliance
on the report of Crowe LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing
and accounting.
WHERE YOU CAN FIND MORE
INFORMATION
This prospectus supplement
and the accompanying prospectus are part of registration statements on Form S-3 we filed with the SEC under the Securities Act and does
not contain all the information set forth in the registration statement. Whenever a reference is made in this prospectus supplement to
any of our contracts, agreements or other documents, the reference may not be complete and you should refer to the exhibits that are
a part of the registration statement or the exhibits to the reports or other documents incorporated by reference into this prospectus
supplement for a copy of such contract, agreement or other document. Because we are subject to the information and reporting requirements
of the Exchange Act, we file annual, quarterly and current reports, proxy statements and other information with the SEC. Our Internet
address is www.resonant.com. Our SEC filings are available to the public over the Internet at the SEC’s website at http://www.sec.gov.
INCORPORATION OF CERTAIN
INFORMATION BY REFERENCE
The SEC allows us to
incorporate by reference the information we file with it, which means that we can disclose important information to you by referring
you to another document that we have filed separately with the SEC. You should read the information incorporated by reference because
it is an important part of this prospectus supplement. We incorporate by reference the following information or documents that we have
filed with the SEC (Commission File No. 001-36467):
Any information in any
of the foregoing documents will automatically be deemed to be modified or superseded to the extent that information in this prospectus
supplement or in a later filed document that is incorporated or deemed to be incorporated herein by reference modifies or replaces such
information.
We also incorporate
by reference any future filings (other than current reports furnished under Item 2.02 or Item 7.01 of Form 8-K and exhibits
filed on such form that are related to such items) made with the SEC pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange
Act, including all such reports filed after the date of this prospectus supplement until the completion or termination of the offering
of the securities made by this prospectus supplement. Information in such future filings updates and supplements the information provided
in this prospectus supplement. Any statements in any such future filings will automatically be deemed to modify and supersede any information
in any document we previously filed with the SEC that is incorporated or deemed to be incorporated herein by reference to the extent
that statements in the later filed document modify or replace such earlier statements.
We will furnish without
charge to each person to whom a copy of this prospectus supplement is delivered, upon written or oral request, a copy of the documents
that have been incorporated by reference into this prospectus supplement, including exhibits to these documents. You should direct any
requests for copies to:
Resonant Inc.
10900 Stonelake Boulevard
Suite 100, Office 02-130
Austin, Texas 78759
Attn: Investor Relations
Telephone: (805) 308-9803
$50,000,000
Common Stock
PROSPECTUS SUPPLEMENT
, 2021
Stifel
PART II
INFORMATION NOT REQUIRED IN PROSPECTUS
|
ITEM 14.
|
OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION.
|
The following table sets forth the estimated costs
and expenses, other than the underwriting discounts and commissions payable by the Registrant in connection with the offering of the
securities being registered. All amounts are estimates, except the SEC registration fee.
SEC registration fee
|
|
$
|
10,910
|
|
Accounting fees and expenses
|
|
|
*
|
|
Legal fees and expenses
|
|
|
*
|
|
Transfer Agent fees and expenses
|
|
|
*
|
|
Printing and related fees
|
|
|
*
|
|
Miscellaneous
|
|
|
*
|
|
Total
|
|
$
|
*
|
|
* Estimated fees and expenses are not presently known. The foregoing
sets forth the general categories of fees and expenses (other than underwriting discounts and commissions) that we anticipate we will
incur in connection with the offering of securities under this registration statement. An estimate of the aggregate fees and expenses
in connection with the issuance and distribution of the securities being offered will be included in the applicable prospectus supplement.
|
ITEM 15.
|
INDEMNIFICATION OF DIRECTORS AND OFFICERS.
|
Section 145 of the Delaware General Corporation
Law provides that a corporation may indemnify directors and officers as well as other employees and individuals against expenses, including
attorneys’ fees, judgments, fines and amounts paid in settlement in connection with specified actions, suits or proceedings, whether
civil, criminal, administrative or investigative (other than an action by or in the right of the corporation or a derivative action),
if they acted in good faith and in a manner they reasonably believed to be in or not opposed to the best interests of the corporation
and, with respect to any criminal action or proceedings, had no reasonable cause to believe their conduct was unlawful.
A similar standard is applicable in the case
of derivative actions, except that indemnification only extends to expenses (including attorneys’ fees) actually and reasonably
incurred in connection with the defense or settlement of such action, and the statute requires court approval before there can be any
indemnification where the person seeking indemnification has been found liable to the corporation. The statute provides that it is not
exclusive of other indemnification that may be granted by a corporation’s Certificate of Incorporation, Bylaws, disinterested director
vote, stockholder vote, agreement or otherwise.
As permitted by Section 145 of the Delaware
General Corporation Law, Section 8.1 of the Registrant’s Certificate of Incorporation, as amended, provides:
“To the fullest extent permitted by the DGCL,
as it presently exists or may hereafter be amended from time to time, a director of the Corporation shall not be personally liable to
the Corporation or its stockholders for monetary damages for breach of fiduciary duty as a director. If the DGCL is amended to authorize
corporate action further eliminating or limiting the personal liability of directors, then the liability of a director of the Corporation
shall be eliminated or limited to the fullest extent permitted by the DGCL, as so amended.”
The Registrant’s Certificate of Incorporation,
as amended, and Bylaws, as amended, provide for indemnification of officers and directors to the fullest extent permitted by Delaware
law. In addition, the Registrant has, and intends in the future to enter into, agreements to provide indemnification for directors and
officers in addition to that provided for in the Bylaws.
The Registrant maintains insurance on behalf of
any person who is a director or officer against any loss arising from any claim asserted against any of them and expense incurred by
any of them in any capacity, subject to certain exclusions.
Exhibit
Number
|
|
|
|
Incorporated by Reference
|
|
Filed
Herewith
|
|
Exhibit Description
|
|
Form
|
|
File Number
|
|
Exhibit
|
|
Filing Date
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.1
|
|
Form of Underwriting Agreement
|
|
|
|
|
|
|
|
|
|
(1)
|
1.2
|
|
At-The-Market
Equity Offering Sales Agreement, dated as of August 14, 2020, by and between Resonant Inc. and Stifel, Nicolaus & Company, Incorporated.
|
|
8-K
|
|
001-36467
|
|
1.1
|
|
August
14, 2020
|
|
|
3.1.1
|
|
Amended
and Restated Certificate of Incorporation
|
|
8-K
|
|
001-36467
|
|
3.1
|
|
June
5, 2014
|
|
|
3.1.2
|
|
Certificate
of Amendment to the Amended and Restated Certificate of Incorporation
|
|
8-K
|
|
001-36467
|
|
3.1
|
|
June
12, 2019
|
|
|
3.2
|
|
Amended
and Restated Bylaws
|
|
8-K
|
|
001-36467
|
|
3.2
|
|
June
5, 2014
|
|
|
4.1
|
|
Specimen
of common stock certificate
|
|
S-1/A
|
|
333-193552
|
|
4.1
|
|
April
11, 2014
|
|
|
4.2
|
|
Form
of Indenture between the Registrant and one or more trustees to be named
|
|
|
|
|
|
|
|
|
|
(2)
|
4.3
|
|
Specimen preferred stock certificate
|
|
|
|
|
|
|
|
|
|
(1)
|
4.4
|
|
Form of Certificate of Designation of Preferred Stock
|
|
|
|
|
|
|
|
|
|
(1)
|
4.5
|
|
Form of Debt Securities
|
|
|
|
|
|
|
|
|
|
(1)
|
4.6
|
|
Form of Common Stock Warrant Agreement and Warrant Certificate
|
|
|
|
|
|
|
|
|
|
(1)
|
4.7
|
|
Form of Preferred Stock Warrant Agreement and Warrant Certificate
|
|
|
|
|
|
|
|
|
|
(1)
|
4.8
|
|
Form of Debt Securities Warrant Agreement and Warrant Certificate
|
|
|
|
|
|
|
|
|
|
(1)
|
4.9
|
|
Form of Unit Agreement and Unit Certificate
|
|
|
|
|
|
|
|
|
|
(1)
|
5.1
|
|
Opinion
of Stubbs Alderton & Markiles, LLP
|
|
|
|
|
|
|
|
|
|
(2)
|
23.1
|
|
Consent
of Crowe LLP
|
|
|
|
|
|
|
|
|
|
X
|
23.2
|
|
Consent
of KPMG LLP
|
|
|
|
|
|
|
|
|
|
X
|
23.3
|
|
Consent
of Stubbs Alderton & Markiles, LLP (included in Exhibit 5.1)
|
|
|
|
|
|
|
|
|
|
(2)
|
24.1
|
|
Power
of Attorney (included on signature page)
|
|
|
|
|
|
|
|
|
|
(2)
|
25.1
|
|
Statement of Eligibility of Trustee under the Senior Debt Indenture
|
|
|
|
|
|
|
|
|
|
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
To be filed by amendment or as an exhibit to a document to be incorporated
or deemed to be incorporated by reference in this registration statement, including a Current
Report on Form 8-K.
|
ITEM 17. UNDERTAKINGS.
The undersigned Registrant
hereby undertakes:
(1) To file, during
any period in which offers or sales are being made, a post-effective amendment to this registration statement to:
(i) include any prospectus
required by Section 10(a)(3) of the Securities Act of 1933;
(ii) reflect in the
prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment
thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement.
Notwithstanding the foregoing, any increase or decrease in the volume of securities offered (if the total dollar value of securities
offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range
may be reflected in the form of prospectus filed with the Securities and Exchange Commission pursuant to Rule 424(b) if, in the
aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the
“Calculation of Registration Fee” table in the effective registration statement; and
(iii) To include
any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material
change to such information in the registration statement;
provided, however, that paragraphs
(1)(i), (1)(ii) and (1)(iii) above do not apply if the information required to be included in a post-effective amendment by those paragraphs
is contained in reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 and Section 15(d)
of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement, or is contained in a form of
prospectus filed pursuant to Rule 424(b) that is part of the registration statement.
(2) That, for the
purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to
be the initial bona fide offering thereof.
(3) To remove from
registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of
the offering.
(4) That, for the
purpose of determining liability under the Securities Act of 1933 to any purchaser:
(A) Each prospectus
filed by the Registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed
prospectus was deemed part of and included in the registration statement; and
(B) Each prospectus
required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B
relating to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information required
by Section 10(a) of the Securities Act of 1933 shall be deemed to be part of and included in the registration statement as of the
earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities
in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that
is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities
in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be
the initial bona fide offering thereof. Provided, however, that no statement made in a registration statement or prospectus
that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration
statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such
effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration
statement or made in any such document immediately prior to such effective date.
(5) That, for the
purpose of determining liability of the Registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the
securities, the undersigned Registrant undertakes that in a primary offering of securities of the undersigned Registrant pursuant to
this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are
offered or sold to such purchaser by means of any of the following communications, the undersigned Registrant will be a seller to the
purchaser and will be considered to offer or sell such securities to such purchaser:
(i) Any preliminary
prospectus or prospectus of the undersigned Registrant relating to the offering required to be filed pursuant to Rule 424;
(ii) Any free writing
prospectus relating to the offering prepared by or on behalf of the undersigned Registrant or used or referred to by the undersigned
Registrant;
(iii) The portion
of any other free writing prospectus relating to the offering containing material information about the undersigned Registrant or its
securities provided by or on behalf of the undersigned Registrant; and
(iv) Any other
communication that is an offer in the offering made by the undersigned Registrant to the purchaser.
(6) That, for purposes
of determining any liability under the Securities Act of 1933, each filing of the Registrant’s annual report pursuant to Section 13(a)
or 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan’s annual report
pursuant to Section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the registration statement
shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at
that time shall be deemed to be the initial bona fide offering thereof.
(7) That, for purposes
of determining any liability under the Securities Act of 1933:
(i) The information
omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of
prospectus filed by the Registrant pursuant to Rule 424(b) (1) or (4) or 497(h) under the Securities Act shall be deemed to be part of
this registration statement as of the time it was declared effective;
(ii) Each post-effective
amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein,
and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
(8) To file an
application for the purpose of determining the eligibility of the trustee to act under subsection (a) of Section 310 of the
Trust Indenture Act in accordance with the rules and regulations prescribed by the Securities Exchange Commission under Section 305(b)(2)
of the Trust Indenture Act.
Insofar as indemnification
for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the
Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities
and Exchange Commission such indemnification is against public policy as expressed in the Securities Act of 1933 and is, therefore unenforceable.
In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred
or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is
asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless
in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the
question whether such indemnification by it is against public policy as expressed in the Securities Exchange Act and will be governed
by the final adjudication of such issue.
SIGNATURES
Pursuant to the requirements of the Securities
Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-3
and has duly caused this Amendment No. 1 to Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized,
in the City of Austin, State of Texas, on May 13, 2021.
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RESONANT INC.
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By:
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/s/ George Holmes
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George Holmes
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Chief Executive Officer
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Pursuant to the requirements of the Securities
Act of 1933, this Registration Statement has been signed by the following persons in the capacities and on the dates stated.
Signature
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Title
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Date
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/s/
George Holmes
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Chairman of the Board, Chief Executive
Officer and Director
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May 13, 2021
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George Holmes
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(Principal Executive Officer)
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/s/
Martin McDermut
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Chief
Financial Officer and Secretary
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May 13, 2021
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Martin McDermut
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(Principal Financial and Accounting
Officer)
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*
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Director
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May 13, 2021
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Rubén Caballero
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*
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Director
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May 13, 2021
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Michael Fox
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*
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Director
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May 13, 2021
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Alan Howe
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*
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Director
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May 13, 2021
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Joshua Jacobs
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*
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Director
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May 13, 2021
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Jack Jacobs
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*
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Director
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May 13, 2021
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Jean Rankin
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*
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Director
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May 13, 2021
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Robert Tirva
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* By:
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/s/ Martin McDermut
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Martin McDermut
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Attorney-in-Fact
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Signature Page
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