Jun 15, 201208:26 AMDaily Biz Briefs
MicroVision prices $10.5M offering of common stock, warrants
MicroVision Inc. has priced an underwritten public offering of 4.2 million units at a price of $2.50 per unit for gross proceeds of about $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 $2.65 per share.
The shares of common stock and warrants are immediately separable and will be issued separately. The warrants are exercisable beginning one year 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 about $9.9 million from the offering.
Oppenheimer & Co. is acting as the underwriter for the offering. The offering is expected to close on or about June 20, subject to the satisfaction of customary closing conditions. MicroVision intends to use the net proceeds of the offering for general corporate purposes.
Redmond-based MicroVision provides the PicoP display technology platform, which is designed to enable next-generation display capabilities for consumer devices and vehicle displays.