MicroVision Completes $50 Million At-the-Market Equity Facility
February 22 2021 - 4:05PM
MicroVision, Inc. (NASDAQ: MVIS), a leader in MEMS based solid
state automotive lidar and micro-display technology for augmented
reality, today announced it completed a $50 million At-the-Market
(ATM) equity offering agreement with Craig-Hallum Capital Group LLC
(Craig-Hallum).
Under the agreement the Company was able, at its discretion, to
offer and sell shares of its common stock having an aggregate value
of up to $50.0 million through Craig-Hallum. The Company has issued
2.5 million shares of its common stock for net proceeds of $48.7
million under this ATM agreement. No further shares are available
for sales under this agreement.
“We believe this financing provides us an opportunity to firmly
solidify our balance sheet as we remain committed to pursuing
strategic alternatives and building value for our shareholders,”
said Sumit Sharma, MicroVision Chief Executive Officer. “We remain
on track with our plans to complete our development goal of
producing the best-in-class lidar sensor for range and resolution
with velocity field output and remain on track to meet our
previously announced April 2021 milestone.”
About MicroVision
MicroVision is a pioneering company in MEMS based laser beam
scanning technology that integrates MEMS, lasers, optics, hardware,
algorithms and machine learning software into its proprietary
technology to address existing and emerging markets. Our integrated
approach uses our proprietary technology to provide solutions for
automotive lidar sensors, augmented reality micro-display engines,
interactive display modules and consumer lidar modules.
For more information, visit the Company’s website at
www.microvision.com, on Facebook at
www.facebook.com/microvisioninc or follow MicroVision on
Twitter at @MicroVision.
MicroVision is a trademark 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 use of proceeds from the financing, the Company’s
future products, progress on development, pursuit of a strategic
transaction, building value for shareholders, strengthening the
Company balance sheet, and product applications and statements
using words such as “believe” and “plan” 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
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. AllenDarrow Associates,
Inc.408.427.4463dallen@darrowir.com
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