Phononic Devices disclosed selling 88% of its $50 million brokered equity offering to thirty-one investors. The sale started one month ago according to the document filed at the SEC. Based on the offering's structure, the company has until December 2015 to raise an extra $5.78 million. The private placement's expected net proceeds will amount to $49.77 million excluding $230,000 paid in brokerage fees by the company. The company closed three previous unregistered private placements which raised an estimated $41.48 million.
Phononic Devices designs, markets and manufactures high efficiency and environmentally friendly solid-state heat pumps and fully integrated systems that displace compressors for residential and commercial refrigeration, window mounted air conditioning and heating. The company is backed by Eastwood Capital, the Wellcome Trust, WLR China Energy Infrastructure Fund, Tsing Capital, Venrock, Oak Investment Partners and Rex Health Ventures.
The company is headquartered in Durham NC. Phononic Devices elected to keep its revenues undisclosed. The executive team includes Anthony Atti and Katherine Henry. The board of directors includes Anthony Fadell, Brian Hinman, Bruce Sohn, Steve Goldby, William Morton and Yan Zhu.
The company has raised an estimated total of $85.7 million via private unregistered security offerings.
Offering recap Status: First close Company: Phononic Devices Industry: Other Technology Amount offered: $50 million Amount placed: $44.22 million SEC filing: Source First sale: 12-12-2014 Data as of: 01-13-2015