GOME goes for $233 million; Cytori sells $22.17 million shares; Microvision raises $15 million

By Devika Patel

Knoxville, Tenn., June 22 - GOME Electrical Appliances Holdings Ltd. arranged a $233 million private placement of 5% convertible bonds with Bain Capital LLC.

Cytori Therapeutics, Inc. plans to raise $22.17 million through a direct offering of common shares. It will use the proceeds for growth opportunities and general corporate purposes.

Microvision, Inc. negotiated a $15 million private placement of shares and warrants with new investor Walsin Lihwa Corp.

GOME gets $233 million

Hong Kong retailer GOME announced that Bain Capital will invest $233 million via a 5% seven-year convertible bond. The bonds will have an initial conversion price of HK$1.18, which will be lowered to HK$1.108 upon settlement of a planned open offer of shares.

"Today's announcement is an important moment in GOME's history and marks the beginning of a new phase in the company's development," the company's chairman and president Chen Xiao said in a press release. "Through our agreement with Bain Capital, one of the foremost private equity groups in the world, GOME gains a solid financial base to support our future growth and improve our corporate governance as well as a partner with deep experience working with world-class retail companies."

Company shares (Hong Kong: 0493) were unchanged Monday, closing at $1.12.

Cytori plans $22.17 million

Cytori is planning to sell 7.15 million common shares at $3.10 per share in a $22.17 million registered direct offering with investor Seaside 88, LP.

"This infusion of capital in Cytori is intended to support potential near and longer-term revenue growth," Cytori's chief financial officer Mark E. Saad said in a press release. "Proceeds will be used to, among other things, accelerate marketing efforts and continue our investment in clinical trials to broaden the number of potential applications for which the Celution System may be applied.

"Because this financing could address Cytori's cash operating requirements through 2010, it allows management to focus even greater efforts on growing the business and enables the company to price future closings with Seaside following the achievement of important milestones and value drivers," Saad continued.

"Based on extensive due diligence, we identified significant growth opportunities for several applications of Cytori's Celution and StemSource products," Denis O'Donnell, a principal of Seaside's general partner, said in the release. "Cytori's strong management, alignment with leading corporate partners and device-based commercialization strategy has positioned it to become one of the first successful companies within the field of regenerative medicine."

San Diego-based Cytori develops cell-based regenerative therapies. Its shares (Nasdaq: CYTX) dropped 6.94%, or 25 cents, to close at $3.35 Monday.

Microvision: $15 million

Bothell, Wash.'s Microvision said it will sell $15 million of its shares at $1.8573 per share to Walsin Lihwa. The investor also will receive a warrant for 2,019,060 shares, exercisable at $2.1850 until June 22, 2012.

"We are pleased to welcome Walsin Lihwa as an investor to Microvision in addition to being a key enabling strategic supply chain partner in our go-to-market strategy," president and chief executive officer Alexander Tokman said in a press release. "We look forward to continuing the strong working relationship we have developed with Walsin Lihwa over the years."

"Walsin Lihwa continues to seek further growth based on innovations," the investor's chairman Yu-Lon Chiao stated. "We believe Microvision is well positioned with its PicoP technology to take advantage of large, emerging market opportunities."

Microvision develops high-resolution displays and imaging systems used in military, medical, industrial and consumer applications. Company shares (Nasdaq: MVIS) fell 6.18% Monday, or 16 cents, closing at $2.43.

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