Includes an Initial Investment of $2,025,000
MicroVision, Inc. announced that it has entered into an agreement with Lincoln Park Capital Fund, LLC (“Lincoln Park”), an institutional investor based in Chicago, Illinois, under which the Company has the right to sell up to $17.025 million of common stock to Lincoln Park. Proceeds from any sales of stock will be used for general corporate purposes.
Under the terms of the agreement, Lincoln Park will immediately purchase $2.025 million in shares of common stock at a purchase price of $1.50. In addition, for a period of 24 months, the Company has the right, at its sole discretion, to sell up to $15.0 million of additional common stock to Lincoln Park, subject to certain limitations, based on the prevailing market prices of the Company’s shares at the time of each sale.
Lincoln Park has no right to require any sales and is obligated to purchase the common stock as directed by the Company, subject to certain limitations set forth in the agreement. Lincoln Park has agreed not to cause or engage in any manner whatsoever, any direct or indirect short selling or hedging of the Company’s shares of common stock. In consideration for entering into the agreement, the Company has issued 522,556 shares of common stock to Lincoln Park as a commitment fee. No warrants, derivatives, or other share classes are associated with this agreement.
The agreement may be terminated by the Company at any time without any cost or penalty.
A more detailed description of the agreement is set forth in the Company’s Current Report on Form 8-K as filed with the Securities and Exchange Commission.
This blog post shall not constitute an offer to sell or the solicitation of an offer to buy these securities, 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.