MicroVision Prices $10 Million Offering of Common Stock
August 10 2017 - 9:18AM
Business Wire
MicroVision, Inc. (NASDAQ: MVIS), a leader in innovative
ultra-miniature laser display and sensing technology, today
announced the pricing of an underwritten public offering of
4,761,905 shares of its common stock at a public offering price of
$2.10 per share, for gross proceeds of approximately $10 million.
MicroVision has also granted the underwriter a 30-day option to
purchase up to an additional 714,286 shares of common stock to
cover over-allotments, if any.
Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg
Thalmann Financial Services Inc. (NYSE American: LTS), is acting as
the sole underwriter of the offering. Rodman & Renshaw, a unit
of H.C. Wainwright & Co., LLC, is acting as financial advisor
in the offering.
MicroVision expects to receive net proceeds, after deducting the
underwriting discount and estimated offering expenses, of
approximately $9.1 million from the offering. MicroVision intends
to use the net proceeds for general corporate purposes. The
offering is expected to close on or about August 15, 2017, 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) (including a related registration statement filed
pursuant to Rule 462(b) under the Securities Act of 1933),
previously 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., 277 Park Avenue,
26th Floor, New York, NY 10172, or by email at
prospectus@ladenburg.com.
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
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. MicroVision’s business model and
product line offering includes display and sensing engines,
licensing its patented technology and selling components to
licensees for incorporation into their scanning engines.
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 Statements
Certain statements contained in this release, including those
relating to closing of the offering, and those statements using
words such as “expects” or “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 include the
following: 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® 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 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 Information
Additional information relating to MicroVision can be found on
EDGAR at www.sec.gov.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170810005656/en/
MicroVision, Inc.Dawn Goetter, 425-882-6629
(investors)ir@microvision.comorNicole Cobuzio, 732-212-0823 ext.
102 (media)nicolec@lotus823.com
Microvision (NASDAQ:MVIS)
Historical Stock Chart
From Aug 2024 to Sep 2024
Microvision (NASDAQ:MVIS)
Historical Stock Chart
From Sep 2023 to Sep 2024