9/23/2016 9:15:33 AM
Includes an Initial Investment of $2,025,000
REDMOND, Wash.–(BUSINESS WIRE)–Sep. 23, 2016–
Inc. (Nasdaq: MVIS), a leader in innovative ultra-miniature
projection display and sensing technology, today 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
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
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
This press release 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.
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 imaging 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.
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
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.
About Lincoln Park Capital Fund, LLC.
LPC is an institutional investor headquartered in Chicago, Illinois.
LPC’s experienced professionals manage a portfolio of investments in
public and private entities. These investments are in a wide range of
companies and industries emphasizing life sciences, specialty financing,
energy and technology. LPC’s investments range from multiyear financial
commitments to fund growth to special situation financings to long-term
strategic capital offering companies certainty, flexibility and
consistency. For more information, visit www.lpcfunds.com.
Certain statements contained in this release, including those relating
to potential future sales of shares under the announced facility and
potential applications and features of MicroVision technology are
forward-looking statements that involve a number of risks and
uncertainties including the risk that conditions for future sales under
the facility may not be met and the risk that parties to the agreement
may not perform their obligations. Other 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 pursuant to the use of the
facility; the risk that we may be unable to sell additional shares under
the terms of the facility; 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 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.
Source: MicroVision, Inc.