MicroVision Announces $140 Million At-the-Market Equity Facility
June 21 2021 - 4:20PM
MicroVision, Inc. (NASDAQ: MVIS), a leader in MEMS based solid
state automotive lidar and micro-display technology for augmented
reality, today announced it entered into a $140 million
At-the-Market (ATM) equity offering agreement with Craig-Hallum
Capital Group (Craig-Hallum).
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 $140 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
continues to pursue its strategy to enhance shareholder value.
“I am proud of the progress our Company has made advancing our
automotive lidar program. We look forward to more broadly promoting
our technology to OEM and Tier 1 suppliers and publicly testing our
sensor with external test-site partners,” said Sumit Sharma,
MicroVision Chief Executive Officer. “A strong balance sheet gives
our potential customers and partners confidence that MicroVision is
a capable and trusted long-term supplier.”
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 effective
shelf registration statement filed February 16, 2021 with the
Securities and Exchange Commission (SEC), which includes a base
prospectus and a prospectus supplement relating to the offering.
Any offer, solicitation or sale will be made only by means of the
prospectus. Current and potential investors should read the
prospectus and other documents the company has filed with the SEC
for more complete information about MicroVision and the ATM.
A copy of the 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 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 amounts sold under the ATM and the use of proceeds
therefrom; the Company’s future products and progress on
development, promotion and testing; enhancing shareholder value;
strengthening the Company’s 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 we may not
succeed in selling our products, licensing our technologies, or
finding other strategic solutions 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 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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