Resonant INC. (NASDAQ:RESN) Files An 8-K Other Events
On March 17, 2020, we completed a restructuring of our workforce which included the layoff of ten full-time employees. Of these employees, eight were on our technical staff and two were devoted to sales, marketing and administration matters. In addition, during the first quarter of 2020 we negotiated the retirement or other departure of four executives. The restructuring is being implemented as part of a comprehensive review of our operations and is intended to reduce our operating costs as we shift our development initiatives to focus on XBAR® and 5G deployment. The decision to streamline our operations is not related to the recent outbreak of the coronavirus.
We estimate the layoffs will cost approximately $200,000 in the first quarter of 2020, consisting primarily of severance and other termination benefits, and the layoffs and executive departures will result in annual GAAP expense savings of approximately $4.5 million.
About Resonant INC. (NASDAQ:RESN)
Resonant Inc. is a late-stage development company. The Company creates filter designs for radio frequency (RF) front-ends for the mobile device industry. The RF front-end is the circuitry in a mobile device for analog signal processing and is located between the device’s antenna and its digital baseband. The Company uses a technology called Infinite Synthesized Networks (ISN) to configure and connect resonators, the building blocks of RF filters. The Company uses ISN to develop new classes of filter designs. The Company is also developing a series of single-band surface acoustic wave (SAW) filter designs for frequency bands. The Company is developing multiplexer filter designs for over two bands to address the carrier aggregation (CA) requirements of its customers. In addition, the Company is also developing reconfigurable filter designs to replace multiple filters for multiple bands. The Company is also involved in the development of a filter reconfigurable between three bands.