Azimuth Opportunity to buy common shares at discount over two years
By Devika Patel
Knoxville, Tenn., May 5 - Microvision, Inc. said it arranged a $40 million committed equity financing facility with Azimuth Opportunity Ltd. Reedland Capital Partners is the agent.
Azimuth has committed to purchase up to $40 million of the company's common shares over two years.
The number and price of shares sold in each draw will be determined by a contractual formula and the investor will purchase shares at a pre-negotiated discount to the volume-weighted average price of MicroVision's common stock over a multi-day pricing period.
Based in Bothell, Wash., Microvision develops high-resolution displays and imaging systems used in military, medical, industrial and consumer applications.
Issuer: | Microvision, Inc.
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Issue: | Committed equity financing facility
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Amount: | $60 million
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Tenor: | Two years
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Price: | Discounted
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Warrants: | No
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Agent: | Reedland Capital Partners
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Investor: | Azimuth Opportunity Ltd.
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Pricing date: | May 5
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Stock symbol: | Nasdaq: MVIS
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Stock price: | $1.35 at close May 4
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Market capitalization: | $139.41 million
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