MicroVision Prices $13 Million Offering of Common Stock
December 09 2016 - 9:25AM
Business Wire
MicroVision, Inc. (NASDAQ: MVIS), a leader in innovative
ultra-miniature projection display and sensing technology, today
announced the pricing of an underwritten public offering of
12,149,533 shares of its common stock at a public offering price of
$1.07 per share, for gross proceeds of approximately $13 million.
MicroVision also granted the underwriter a 30-day option to
purchase up to an additional 1,822,430 shares of common stock to
cover over-allotments, if any.
Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg
Thalmann Financial Services Inc. (NYSE MKT: LTS) is acting as the
sole underwriter for the offering.
MicroVision expects to receive net proceeds, after deducting the
underwriting discount and estimated offering expenses, of
approximately $11.8 million from the offering. MicroVision intends
to use the net proceeds for general corporate purposes. The
offering is expected to close on or about December 14, 2016,
subject to the satisfaction of customary closing conditions.
The securities described above are being offered by MicroVision
pursuant to its registration statement on Form S-3 (Registration
No. 333-211869) previously filed and declared effective by the
Securities and Exchange Commission (SEC). This press release does
not constitute an offer to sell or a solicitation of an offer to
buy the securities in the offering, 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. The
offering may be made only by means of the prospectus supplement and
the accompanying prospectus relating to the proposed offering. The
preliminary prospectus supplement and accompanying prospectus
related to the offering have been filed with the SEC, and a final
prospectus supplement and accompanying prospectus related to the
offering will be filed with the SEC, and will be available on the
SEC’s website located at http://www.sec.gov and may also be
obtained, when available, from Ladenburg Thalmann & Co. Inc.,
570 Lexington Avenue, 11th Floor, New York, NY 10022, or by email
at prospectus@ladenburg.com.
About MicroVisionMicroVision 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 sensing 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.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.
Forward-looking StatementsCertain statements contained in
this release, including those relating to closing of the offering,
and those statements using words such as “expects” and “intends”
are forward-looking statements that involve a number of risks and
uncertainties, factors that could cause actual results to differ
materially from those projected in the company’s forward-looking
statements. These risks and uncertainties include, but are not
limited to: our ability to successfully complete the offering on
terms and conditions satisfactory to us; 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 in the offering;
capital market risks; our ability to raise additional capital when
needed; products incorporating our PicoP® scanning technology 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 of products 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.
Additional InformationAdditional information relating to
MicroVision can be found on EDGAR at www.sec.gov.
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version on businesswire.com: http://www.businesswire.com/news/home/20161209005336/en/
MicroVision, Inc.Investors:Dawn Goetter,
425-882-6629ir@microvision.comorMedia:Nicole Cobuzio, 732-212-0823
ext. 102nicolec@lotus823.com
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