MicroVision Announces Closing of $11.5 Million Offering of Common Stock
August 15 2017 - 5:00PM
Business Wire
MicroVision, Inc. (NASDAQ:MVIS), a leader in innovative
ultra-miniature laser display and sensing technology, today
announced the closing of its underwritten public offering of
5,476,191 shares of its common stock, which includes the exercise
in full of the underwriter’s option to purchase up to an additional
714,286 shares, at a public offering price of $2.10 per share for
gross proceeds of approximately $11.5 million.
Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg
Thalmann Financial Services Inc. (NYSE American: LTS), acted as the
sole underwriter of the offering.
MicroVision expects to receive net proceeds, after deducting the
underwriting discount and estimated offering expenses, of
approximately $10.6 million from the offering. MicroVision intends
to use the net proceeds for general corporate purposes.
The securities described above were 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 filed and 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 was made by
means of the prospectus supplement and the accompanying prospectus
relating to the offering.
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: 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20170815006081/en/
MicroVision, Inc.Investors:Dawn Goetter,
425-882-6629ir@microvision.comorMedia:Nicole Cobuzio, 732-212-0823
ext. 102nicolec@lotus823.com
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