Microvision Announces Closing of Public Offering of Common Stock
REDMOND, Wash.--(BUSINESS WIRE)-- Microvision, Inc. (NASDAQ: MVIS), a global leader in light scanning technologies, today announced the closing of its public offering of 7,705,000 shares of its common stock at a price to the public of $3.00 per share, which includes 1,005,000 shares sold upon exercise by the underwriters of their option to purchase additional shares. Microvision received net proceeds, after deducting the underwriting discount and estimated offering expenses, of approximately $21.5 million from the offering. Oppenheimer & Co. Inc. and Thomas Weisel Partners LLC are the joint book-running managers and Craig Hallum Capital Group LLC is acting as co-manager for the offering.
Microvision intends to use the net proceeds of the offering for general corporate purposes, including, but not limited to, working capital and capital expenditures.
The securities described above are being offered by Microvision pursuant to registration statements 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. The offering may be made only by means of the prospectus supplement and the related 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, 4th Floor, New York, NY, 10017, by telephone at (212) 667-8563, or via email at EquityProspectus@opco.com.
About Microvision, Inc.
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 which can create vivid images with high contrast and brightness. For more information, visit the company's website (www.microvision.com).
Source: Microvision, Inc.
Released November 24, 2009