Company sells units through Oppenheimer to finance corporate purposes
By Devika Patel
Knoxville, Tenn., March 13 - Microvision, Inc. said it priced a $13.89 million public offering of units. The deal was announced Thursday.
The company will sell 7.16 million units of one common share and 0.3 of a warrant at $1.94 per unit. The whole warrants are each exercisable at $2.47 for five years. The strike price is a 14.88% premium to the March 12 closing share price of $2.15.
Oppenheimer & Co. is the underwriter.
Settlement is expected March 18.
Proceeds will be used for general corporate purposes.
Based in Bothell, Wash., Microvision develops high-resolution displays and imaging systems used in military, medical, industrial and consumer applications.
| Issuer: | Microvision, Inc.
|
| Issue: | Units of one common share and 0.3 of a warrant
|
| Amount: | $13,890,400
|
| Units: | 7.16 million
|
| Price: | $1.94
|
| Warrants: | 0.3 of a warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $2.47
|
| Underwriter: | Oppenheimer & Co.
|
| Announcement date: | March 13
|
| Pricing date: | March 13
|
| Settlement date: | March 18
|
| Stock symbol: | Nasdaq: MVIS
|
| Stock price: | $2.15 at close March 12
|
| Market capitalization: | $65.27 million
|
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