Nike Inc. (NKE), Resonant Inc. (RESN) and Angie’s List Inc. (ANGI) Witness Insider Buying

Directors and Executives at Resonant Participated in Private Offering of Shares and Warrants

Resonant Inc. (NASDAQ:RESN) witnessed a massive cluster of insider buying this week, which involved Board members, top-tier executives and large shareholders. It is worth noting that all insiders participated in a private placement of units, with each unit consisting of one share of Resonant’s common stock and one warrant to purchase one share at an exercise price of $2.86 per share.

To start with, President and Chief Commercial Officer George B. Holmes bought 8,300 units on Monday for $2.985 each, as well as received 7,917 shares of freshly-vested restricted stock units. After these transactions, Mr. Holmes currently owns 43,217 shares of common stock, along with warrants to purchase an additional 8,300 shares. Director Richard Kornfeld snapped up 20,000 units at $2.985 apiece, increasing his ownership to 44,000 shares. Furthermore, Chief Executive Officer and Co-founder of Resonant, Terry Lingren, bought a mere 5,000 units on Monday, which lifted his overall holding to 383,594 shares. An additional 5,000 units were purchased by Chief Operating Officer Neal Fenzi, who currently owns 377,717 shares. John E. Major, Chairman of the Board, snapped up 33,500 units for $2.985 each, after which he owns 57,500 shares. Last but not least, Chief Technology Officer Robert B. Hammond bought 5,000 units on Monday, which lifted his ownership to 377,717 shares.

Resonant is a late-stage development company that focuses on creating innovative filter designs for radio frequency front-ends for the mobile device industry, so the $6 million gross proceeds raised in the private offering will channeled into its development efforts and business development activities, as well as into covering general and administrative expenses. While the aforementioned insider purchases do not necessarily suggest that Resonant’s shares are undervalued, insiders’ participation in the private offering shows their confidence in the future potential of the company. The shares of the company are 27% in the green year-to-date. James Dondero’s Highland Capital Management acquired a new stake of 10,439 shares of Resonant Inc. (NASDAQ:RESN) during the December quarter.