MicroVision Announces $10 Million At-the-Market Equity Facility
November 09 2020 - 5:29PM
MicroVision, Inc. (NASDAQ: MVIS), a leader in innovative
ultra-miniature projection display technology, today announced it
entered into a $10 million At-the-Market (ATM) equity offering
agreement with Craig-Hallum Capital Group on November 9, 2020.
Under the agreement MicroVision may, from time to
time, at its discretion offer and sell shares of its common stock
having an aggregate value of up to $10 million through
Craig-Hallum. MicroVision intends to use the net proceeds from the
ATM, if any, for general corporate purposes, which may include, but
are not limited to, working capital and capital expenditures as
MicroVision pursues a potential strategic transaction.
Under the ATM equity offering sales agreement,
sales of common stock, if any, through Craig-Hallum, will be made
by means of ordinary brokers’ transactions, in negotiated
transactions, to or through a market maker other than on an
exchange or otherwise, at market prices prevailing at the time of
sale, at prices related to such prevailing market prices, or at
negotiated prices and/or any other method permitted by law.
The common stock will be offered under
MicroVision’s existing effective shelf registration statement
(including a prospectus) filed with the Securities and Exchange
Commission. A prospectus supplement related to the offering has
been filed with the Securities and Exchange Commission. Any offer,
solicitation or sale will be made only by means of the prospectus
supplement and the accompanying prospectus. Current and potential
investors should read the prospectus forming part of the
registration statement, the prospectus supplement relating to the
At-the-Market offering and other documents the company has filed
with the SEC for more complete information about MicroVision and
the At-the-Market offering program.
A copy of the prospectus supplement and
accompanying prospectus relating to these securities may be
obtained by contacting Craig-Hallum at 222 South Ninth Street,
Suite 350, Attention: Equity Capital Markets, by telephone at (612)
334-6300 or by email at prospectus@chlm.com.
This press release does not constitute an
offer to sell or a solicitation of an offer to buy, nor may there
be any sale of MicroVision’s common stock in any state or
jurisdiction in which such an offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities law of any state or jurisdiction.
About MicroVision
MicroVision is the creator of PicoP® scanning
technology, an ultra-miniature sensing and projection solution
based on the laser beam scanning methodology pioneered by the
Company. MicroVision’s platform approach for this sensing and
display solution means that its technology can be adapted to a wide
array of applications and form factors. We combine our hardware,
software, and algorithms to unlock value for our customers by
providing them a differentiated advanced solution for a rapidly
evolving, always-on world.
MicroVision® and PicoP® are registered
trademarks of MicroVision, Inc. in the United
States and other countries. All other trademarks are the
properties of their respective owners.
Forward-Looking Statements
Certain statements contained in this release,
including those relating to amounts sold under the ATM and the use
of proceeds therefrom, and the Company’s future products and
product applications are forward-looking statements that involve a
number of risks and uncertainties that could cause actual results
to differ materially from those in the forward-looking statements.
Factors that could cause actual results to differ materially from
those projected in such forward-looking statements include the risk
that the Company may not succeed in finding licensing or other
strategic solutions, including a potential sale of the Company,
with acceptable timing, benefits or costs; our ability to operate
with limited cash or to raise additional capital when needed;
market acceptance of our technologies and products or for products
incorporating our technologies; the failure of our commercial
partners to perform as expected under our agreements, including
from the impact of the COVID-19 (coronavirus); our ability to
identify parties interested in paying any amounts or amounts we
deem desirable for the purchase or license of intellectual property
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 and develop partnership opportunities; 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; our
ability to maintain our listing on The Nasdaq Stock Market, 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. These factors are not intended to represent a
complete list of the general or specific factors that may affect
us. It should be recognized that other factors, including general
economic factors and business strategies, may be significant, now
or in the future, and the factors set forth in this release may
affect us to a greater extent than indicated. 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.
Investor Relations Contact
David H. Allen Darrow Associates, Inc.
408.427.4463 dallen@darrowir.com
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