November 11, 2011 – BUSINESS WIRE — MicroVision Inc. (Nasdaq:MVIS), maker of ultra-miniature laser display technology based on MEMS, intends to offer to sell, subject to market and other conditions, shares of its common stock and warrants to purchase shares of its common stock in an underwritten public offering.
MicroVision 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.
Also read: Embedded pico projectors steal the show through 2017
MicroVision intends to use the net proceeds from the offering for general corporate purposes.
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. Microvision’s patented MEMS scanner is at the core of its display and imaging engines. Website: www.microvision.com.
Details:
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 [email protected].