11/11/2011 9:43:44 AM
REDMOND, Wash.–(BUSINESS WIRE)–Nov. 11, 2011–
MicroVision, Inc. (Nasdaq: MVIS), the leader in innovative
ultra-miniature laser display technology, today announced that it has
priced an underwritten public offering of 17,948,716 units at a price to
the public of $0.585 per unit for gross proceeds of approximately $10.5
million. Each unit consists of one share of common stock and one warrant
to purchase 0.5 shares of common stock at an exercise price of $0.78 per
share. The shares of common stock and warrants are immediately separable
and will be issued separately. The warrants are exercisable beginning on
the date of issuance and expire on the five-year anniversary of the date
of issuance. MicroVision has also granted the underwriter a 30-day
option to purchase an additional 2,692,306 shares of common stock and
warrants to purchase an additional 1,346,153 shares of common stock,
solely to cover over-allotments. MicroVision expects to receive net
proceeds, after deducting the underwriting discount and estimated
offering expenses, of approximately $9.7 million from the offering, or
$11.2 million if the underwriter exercises their over-allotment option
in full. Oppenheimer & Co. is acting as the underwriter for the
offering. The offering is expected to close on or about November 16,
2011, subject to the satisfaction of customary closing conditions.
MicroVision intends to use the net proceeds of the offering for general
corporate purposes.
The securities described above are being offered by MicroVision pursuant
to its registration statement on Form S-3 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 may be made only
by means of the preliminary prospectus supplement and the prospectus
relating to the proposed offering, copies of which may be obtained, when
available, from Oppenheimer & Co. Inc., Attention: Syndicate Prospectus
Department, 300 Madison Avenue, 5th Floor, New York, NY, 10017, by
telephone at (212) 667-8563, or via email at EquityProspectus@opco.com.
About MicroVision
MicroVision provides the PicoP® display technology platform designed to
enable next-generation display and imaging products for pico projectors,
vehicle displays and wearable displays that interface with mobile
devices. The company’s projection display engine uses highly efficient
laser light sources that create vivid images with high contrast and
brightness. For more information, visit us on:
Website: www.microvision.com
Blog: www.microvision.com/displayground
Twitter: www.twitter.com/microvision
Facebook: www.facebook.com/MicrovisionInc
YouTube: www.youtube.com/mvisvideo
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”, “intends”, “plans”, “should”, “would”, “will” and “believe”
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. These risks and uncertainties
include, but are not limited to: our ability to successfully complete
the offering on terms and conditions satisfactory to us; 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, as
well as other risks and uncertainties, including those detailed from
time to time in our SEC filings, including our Annual Report on Form
10-K and Quarterly Report on Form 10-Q. 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.
Source: MicroVision, Inc.
Investor and Media Relations:
MicroVision, Inc.
Tiffany
Bradford, 425-882-6629
tiffany_bradford@microvision.com