Today we completed a 1-for-8 reverse stock split of our common stock. Trading on a post-split basis will begin February 21, 2012 at market open. The reverse stock split was approved by MicroVision stockholders at a special meeting on February 16, 2012. Shareholders of 94.1 million shares of MicroVision stock, which represents 69% of the total outstanding shares, voted “FOR” the proposal. Of the shares voted, approximately 83.5% voted in favor of the proposal.
An amendment to our certificate of incorporation became effective today, effecting the reverse stock split and decreasing the number of authorized shares of common stock to 100 million.
The reverse stock split will decrease the number MicroVision common shares outstanding from approximately 136.1 million shares to approximately 17.0 million shares. The number of shares available under the company’s equity-based plans also will be proportionately reduced.
Each eight shares of our outstanding common stock will be automatically combined into one share of common stock. The reverse split will affect proportionately all issued and outstanding shares of MicroVision’s common stock and common stock underlying stock options, unvested stock awards and warrants outstanding as of February 17, 2012. No fractional shares of common stock will be issued in connection with the reverse split. Shares held by each record holder will be rounded up to the nearest whole share.
We have retained our transfer agent, American Stock Trust and Transfer Company (“AST”), to act as our exchange agent for the reverse split.
‘Street Name’ Holders
Shareholders owning shares in “street name” via a broker or other nominee will have their positions automatically adjusted to reflect the reverse stock split, subject to brokers’ particular processes, and will not need to take any action in connection with the reverse stock split.
Shareholders of Record and Physical Certificate Holders
MicroVision will send shareholders of record as of February 17, 2012 a letter with instructions for the exchange of their certificates. Shareholders should not destroy any stock certificates, but should submit certificates for exchange in accordance with the materials to be distributed by AST.