Second Sight Medical Products Announces $27.9 Million Private Placement of Common Stock
March 24 2021 - 7:00AM
Business Wire
Second Sight Medical Products, Inc. (NASDAQ: EYES), (the
"Company" or "Second Sight"), a leading developer and marketer of
implantable visual prosthetics that are intended to create an
artificial form of useful vision for blind individuals, today
announced that it has entered into definitive securities purchase
agreements with accredited investors for a private placement that
will result in gross proceeds to Second Sight of $27.9 million,
before deducting placement offering expenses. Second Sight will
issue 4,650,000 shares of common stock at a price of $6.00 per
share. This private placement is expected to close on March 26,
2021, subject to customary closing conditions. The net proceeds
from the private placement are expected to provide working capital
for the Company.
The securities offered and sold by Second Sight in the private
placement have not been registered under the Securities Act of
1933, as amended (the "Securities Act"), or state securities laws
and may not be offered or sold in the United States absent
registration with the Securities and Exchange Commission (the
"SEC") or an applicable exemption from such registration
requirements. Second Sight has agreed to file a registration
statement with the SEC covering the resale of the shares of common
stock to be issued in the private placement. Any resale of Second
Sight's shares under such resale registration statement will be
made only by means of a prospectus.
Also on March 24, 2021, Second Sight filed a Current Report on
Form 8-K providing an update on its previously announced proposed
transaction with Pixium Vision. The Form 8-K is available on the
SEC’s website at www.sec.gov.
About Second Sight Medical Products Inc. Second Sight
Medical Products, Inc. (NASDAQ:EYES) develops and markets
implantable visual prosthetics that are intended to deliver useful
artificial vision to blind individuals. A recognized global leader
in neuromodulation devices for blindness, the Company is committed
to developing new technologies to treat the broadest population of
sight-impaired individuals. The Company’s headquarters are in Los
Angeles, California. More information is available at
https://secondsight.com.
Non-Solicitation This press release does not constitute a
solicitation of a proxy, consent or authorization with respect to
any securities or in respect of the proposed transactions. This
press release also does not constitute an offer to sell or a
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or other jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to the registration or qualification under the securities laws of
any such state or other jurisdiction. No offering of securities
will be made except by means of a prospectus meeting the
requirements of Section 10 of the Securities Act of 1933, as
amended, or an exemption therefrom.
Safe Harbor This press release contains certain
“forward-looking statements” within the meaning of the “safe
harbor” provisions of the US Private Securities Litigation Reform
Act of 1995. Forward-looking statements can be identified by words
such as: “target,” “believe,” “expect,” “will,” “may,”
“anticipate,” “estimate,” “would,” “positioned,” “future,” and
other similar expressions that predict or indicate future events or
trends or that are not statements of historical matters. Examples
of forward-looking statements include, among others, statements
made in this press release regarding the use of proceeds from the
private placement and Second Sight’s Memorandum of Understanding
with Pixium Vision. Forward-looking statements are neither
historical facts nor assurances of future performance. Instead,
they are based only on Second Sight’s current beliefs, expectations
and assumptions. Because forward-looking statements relate to the
future, they are subject to inherent uncertainties, risks and
changes in circumstances that are difficult to predict and many of
which are outside of our control. Actual results and outcomes may
differ materially from those indicated in the forward-looking
statements. Therefore, you should not rely on any of these
forward-looking statements. Important factors that could cause
actual results and outcomes to differ materially from those
indicated in the forward-looking statements include, among others,
the following: (1) the occurrence of any event, change or other
circumstances that could give rise to the termination of the
definitive securities purchase agreements with the investors or the
Memorandum of Understanding or could otherwise cause the financing
or the business combination to fail to close; (2) legal claims or
proceedings, if any, relating to the Memorandum of Understanding
and costs relating thereto; (3) changes in applicable laws or
regulations; (4) the possibility that Second Sight may be adversely
affected by other economic, business, and/or competitive factors;
(5) the impact of COVID-19 on Second Sight’s business; and (6)
other risks and uncertainties indicated from time to time in Second
Sight’s Form 10-K for the year ended December 31, 2020, including
those under “Risk Factors” therein, and in Second Sight’s other
filings with the SEC. Some of these risks and uncertainties may in
the future be amplified by the COVID-19 outbreak and there may be
additional risks that Second Sight considers immaterial or which
are unknown. A further list and description of risks and
uncertainties can be found in Second Sight’s Annual Report on Form
10-K, filed on March 16, 2021. Any forward-looking statement made
by us in this press release is based only on information currently
available to Second Sight and speaks only as of the date on which
it is made. Second Sight undertakes no obligation to publicly
update any forward-looking statement, whether written or oral, that
may be made from time to time, whether as a result of new
information, future developments or otherwise, except as required
by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20210324005349/en/
Investor Relations: Lisa M. Wilson, In-Site Communications, Inc.
T: 212-452-2793 E: lwilson@insitecony.com
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