8/10/2017 9:18:12 AM
REDMOND, Wash.–(BUSINESS WIRE)–Aug. 10, 2017–
MicroVision, Inc. (NASDAQ: MVIS), a leader in innovative ultra-miniature
laser display and sensing technology, today announced the pricing of an
underwritten public offering of 4,761,905 shares of its common stock at
a public offering price of $2.10 per share, for gross proceeds of
approximately $10 million. MicroVision has also granted the underwriter
a 30-day option to purchase up to an additional 714,286 shares of common
stock to cover over-allotments, if any.
Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann
Financial Services Inc. (NYSE American: LTS), is acting as the sole
underwriter of the offering. Rodman & Renshaw, a unit of H.C. Wainwright
& Co., LLC, is acting as financial advisor in the offering.
MicroVision expects to receive net proceeds, after deducting the
underwriting discount and estimated offering expenses, of approximately
$9.1 million from the offering. MicroVision intends to use the net
proceeds for general corporate purposes. The offering is expected to
close on or about August 15, 2017, subject to the satisfaction of
customary closing conditions.
The securities described above are being offered by MicroVision pursuant
to its registration statement on Form S-3 (Registration No. 333-211869)
(including a related registration statement filed pursuant to Rule
462(b) under the Securities Act of 1933), previously 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 prospectus supplement and the accompanying prospectus
relating to the proposed offering. The preliminary prospectus supplement
and accompanying prospectus related to the offering have been filed with
the SEC, and a final prospectus supplement and accompanying prospectus
related to the offering will be filed with the SEC, and will be
available on the SEC’s website located at http://www.sec.gov
and may also be obtained, when available, from Ladenburg Thalmann & Co.
Inc., 277 Park Avenue, 26th Floor, New York, NY 10172, or by email at firstname.lastname@example.org.
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 sensing 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.
MicroVision’s business model and product line offering includes display
and sensing engines, licensing its patented technology and selling
components to licensees for incorporation into their scanning engines.
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.
Certain statements contained in this release, including those relating
to closing of the offering, and those statements using words such as
“expects” or “intends” are forward-looking statements that involve a
number of risks and uncertainties. Factors that could cause actual
results to differ materially from those projected in the company’s
forward-looking statements include the following: 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; capital market risks; 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 of products 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.
Additional information relating to MicroVision can be found on EDGAR at www.sec.gov.
Source: MicroVision, Inc.