MicroVision,
Inc. (Nasdaq: MVIS), a leader in innovative ultra-miniature laser
display technology, today announced that it has priced an underwritten
offering of 7,160,000 units at a price to investors of $1.94 per unit
for gross proceeds of approximately $13.9 million. Each unit consists of
one share of common stock and one warrant to purchase 0.3 shares of
common stock at an exercise price of $2.47 per share. The shares of
common stock and warrants are immediately separable and will be issued
separately. The warrants are exercisable beginning six months from the
date of issuance and expire on the fifth anniversary of the date of
issuance. MicroVision expects to receive net proceeds, after deducting
the underwriting discount, of approximately $13.1 million from the
offering. Oppenheimer & Co. is acting as the underwriter for the
offering. The offering is expected to close on or about March 18, 2014,
subject to the satisfaction of customary closing conditions. MicroVision
intends to use the net proceeds of the offering for general corporate
purposes.
A preliminary prospectus supplement and the prospectus relating to the
proposed offering was filed with the SEC. The offering may be offered
only by means of a prospectus, including a prospectus supplement,
forming a part of the effective registration statements. When available,
copies of the final prospectus supplement and the prospectus relating to
the proposed offering can be obtained at the SEC's website http://www.sec.gov
or from Oppenheimer & Co. Inc., Attention: Syndicate Prospectus
Department, 85 Broad Street, New York, NY, 10004, by telephone at (212)
667-8563, or via email at EquityProspectus@opco.com.
About MicroVision
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
Redmond, Wash.
For more information, visit the company’s website at www.microvision.com,
on Facebook at www.facebook.com/MicroVisionInc
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.
Forward-looking Statements
Certain statements contained in this release, including those relating
to closing of the offering, and those statements using words such as
“designed to” and “intends” 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; capital market risks; our ability to raise additional
capital when needed; 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 our 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
Additional information relating to MicroVision can be found on EDGAR at www.sec.gov.
Copyright Business Wire 2014