MicroVision enters into $17.025 Million Common Stock Purchase Agreement with Lincoln Park Capital
September 23 2016 - 9:15AM
Business Wire
Includes an Initial Investment of
$2,025,000
MicroVision, Inc. (Nasdaq: MVIS), a leader in innovative
ultra-miniature projection display and sensing technology, today
announced that it has entered into an agreement with Lincoln Park
Capital Fund, LLC ("Lincoln Park"), an institutional investor based
in Chicago, Illinois, under which the Company has the right to sell
up to $17.025 million of common stock to Lincoln Park. Proceeds
from any sales of stock will be used for general corporate
purposes.
Under the terms of the agreement, Lincoln Park will immediately
purchase $2.025 million in shares of common stock at a purchase
price of $1.50. In addition, for a period of 24 months, the Company
has the right, at its sole discretion, to sell up to $15.0 million
of additional common stock to Lincoln Park, subject to certain
limitations, based on the prevailing market prices of the Company’s
shares at the time of each sale.
Lincoln Park has no right to require any sales and is obligated
to purchase the common stock as directed by the Company, subject to
certain limitations set forth in the agreement. Lincoln Park has
agreed not to cause or engage in any manner whatsoever, any direct
or indirect short selling or hedging of the Company’s shares of
common stock. In consideration for entering into the agreement, the
Company has issued 522,556 shares of common stock to Lincoln Park
as a commitment fee. No warrants, derivatives, or other share
classes are associated with this agreement.
The agreement may be terminated by the Company at any time
without any cost or penalty.
A more detailed description of the agreement is set forth in the
Company’s Current Report on Form 8-K as filed with the Securities
and Exchange Commission.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any jurisdiction in which an
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of such
jurisdiction.
About MicroVision
MicroVision is the creator of PicoP® scanning technology, an
ultra-miniature laser projection and sensing solution based on the
laser beam scanning methodology pioneered by the company.
MicroVision’s platform approach for this advanced display and
imaging solution means that it can be adapted to a wide array of
applications and form factors. It is an advanced solution for a
rapidly evolving, always-on world. Extensive research has led
MicroVision to become an independently recognized leader in the
development of intellectual property. MicroVision’s IP portfolio
has been recognized by the Patent Board as a top 50 IP portfolio
among global industrial companies and has been included in the
Ocean Tomo 300 Patent Index. The company is based in Redmond,
Wash.
For more information, visit the company’s website at
www.microvision.com, on Facebook at www.facebook.com/MicroVisionInc
or follow MicroVision on Twitter at @MicroVision.
MicroVision and PicoP are trademarks of MicroVision, Inc. in the
United States and other countries. All other trademarks are the
properties of their respective owners.
About Lincoln Park Capital Fund, LLC.
LPC is an institutional investor headquartered in Chicago,
Illinois. LPC’s experienced professionals manage a portfolio of
investments in public and private entities. These investments are
in a wide range of companies and industries emphasizing life
sciences, specialty financing, energy and technology. LPC’s
investments range from multiyear financial commitments to fund
growth to special situation financings to long-term strategic
capital offering companies certainty, flexibility and consistency.
For more information, visit www.lpcfunds.com.
Forward-looking Statements
Certain statements contained in this release, including those
relating to potential future sales of shares under the announced
facility and potential applications and features of MicroVision
technology are forward-looking statements that involve a number of
risks and uncertainties including the risk that conditions for
future sales under the facility may not be met and the risk that
parties to the agreement may not perform their obligations. Other
factors that could cause actual results to differ materially from
those projected in the company’s forward-looking statements include
the following: the possible adverse impact on the market price of
our shares of common stock due to the dilutive effect of the
securities to be sold pursuant to the use of the facility; the risk
that we may be unable to sell additional shares under the terms of
the facility; our ability to raise additional capital when needed;
products incorporating our PicoP display engine may not achieve
market acceptance, commercial partners may not perform under
agreements as anticipated, we may be unsuccessful in identifying
parties interested in paying any amounts or amounts we deem
desirable for the purchase or license of IP assets, our or our
customers’ failure to perform under open purchase orders; our
financial and technical resources relative to those of our
competitors; our ability to keep up with rapid technological
change; government regulation of our technologies; our ability to
enforce our intellectual property rights and protect our
proprietary technologies; the ability to obtain additional contract
awards; the timing of commercial product launches and delays in
product development; the ability to achieve key technical
milestones in key products; dependence on third parties to develop,
manufacture, sell and market our products; potential product
liability claims; and other risk factors identified from time to
time in the company’s SEC reports, including the company’s Annual
Report on Form 10-K filed with the SEC. Except as expressly
required by federal securities laws, we undertake no obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information, future events, changes in
circumstances or any other reason.
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version on businesswire.com: http://www.businesswire.com/news/home/20160923005162/en/
MicroVision, Inc.Dawn Goetter, 425-882-6629
(investors)ir@microvision.comorNicole Cobuzio, 732-212-0823
ext. 102 (media)nicolec@lotus823.com
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