9/19/2013 9:15:15 AM
REDMOND, Wash.–(BUSINESS WIRE)–Sep. 19, 2013–
MicroVision, Inc. (Nasdaq: MVIS), a leader in innovative ultra-miniature
laser display technology, today announced that it has completed the sale
of 3,492,000 shares of common stock and warrants to acquire up to an
aggregate of 2,095,200 shares of common stock to Crede CG III, Ltd.
(“Crede”) and other investors for gross proceeds of approximately $6.6
million in a registered direct offering.
The price per share was determined by the closing bid price on September
18, 2013 as reported on the Nasdaq stock exchange. The warrants are
exercisable at a price of $2.444 per share. Under certain circumstances,
in the event that MicroVision’s common stock trades at a price that is
25% or more above the exercise price of the warrants for a period of 20
consecutive days (with an average daily volume equal to or greater than
$300,000), the company may, subject to limitations in the warrants,
require the holder of the warrants to exercise the warrants for cash. If
the common stock is then trading at a price at or lower than the warrant
exercise price, the warrants are also exchangeable for a number of
shares of MicroVision’s common stock determined by a formula described
in a Current Report on Form 8-K filed today with the Securities and
Exchange Commission, but not more than the number of shares for which
the warrant could be exercised for cash. As part of the sale,
MicroVision paid an investment fee to Crede, which reduced its aggregate
The company retained Dawson James Securities, Inc. as placement agent
for a portion of the offering.
MicroVision intends to use the net proceeds of the offering to fund the
continued development and commercialization of its PicoP® display
technology under its ingredient brand licensing strategy.
More information regarding the terms of the sale and the terms of the
warrants is included in a Current Report on Form 8-K filed today with
the Securities and Exchange Commission.
MicroVision is the creator of PicoP® display technology, an
ultra-miniature laser projection solution for mobile consumer
electronics, automotive head-up displays and other applications.
MicroVision’s patented display technology helps OEMs break down display
boundaries and offer enhanced visibility to mobile experiences. Nearly
two decades of 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 is also
included in the Ocean Tomo 300 Patent Index. The company is based in
For more information, visit the company’s website at www.microvision.com,
on Facebook at www.facebook.com/MicroVisionInc,
on Linked In at www.linkedin.com/company/microvision
or follow MicroVision on Twitter at @MicroVision.
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.
Certain statements contained in this release 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 the company’s forward-looking
statements include the following: we may be unable to successfully
perform our obligations under the agreement; our contract party may not
perform its obligations under the agreement; 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 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 relating to MicroVision can be found on EDGAR at www.sec.gov
Source: MicroVision, Inc.
Dawn Goetter, 425-882-6629 (investors)
Cole, 503-471-6841 (media/PR)