MicroVision Prices $18 Million Offering of Common Stock
June 12 2018 - 8:20AM
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 14.4 million shares of its common stock at a public
offering price of $1.25 per share, for gross proceeds of
approximately $18 million. MicroVision has also granted the
underwriters a 30-day option to purchase up to an
additional 2.16 million 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
sole book-running manager and representative of the
underwriters of the offering. H.C. Wainwright & Co. and
Northland Capital Markets are acting as co-managers of the
offering. Craig-Hallum Capital Group LLC is acting as a
financial advisor to MicroVision in connection with the
offering.
MicroVision expects to receive net proceeds, after deducting the
underwriting discount and estimated offering expenses, of
approximately $16.7 million from the offering. MicroVision
intends to use the net proceeds for general corporate purposes. The
offering is expected to close on or about June 14, 2018, 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-1 (Registration
No. 333-222857), as amended, previously declared effective by the
Securities and Exchange Commission (SEC). 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.
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.
About MicroVisionMicroVision is the
creator of PicoP® scanning technology, an ultra-miniature laser
projection and sensing solution for mobile consumer electronics,
automotive head-up displays and other applications. MicroVision’s
patented technology is a single platform that can enable projected
displays, image capture and interaction for a wide array of
future-ready products in this 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” 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.
Contact:Ted Moreau Darrow
Associates, Inc. 608.298.7369 tmoreau@darrowir.com
or
David H. Allen Darrow Associates, Inc. 408.427.4463
dallen@darrowir.com
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