By Sheri Kasprzak
New York, Aug. 9 - Microvision, Inc. said it has completed a $5 million private placement of shares.
The company sold 952,381 shares at $5.25 each.
The investors also received warrants for 214,578 shares, exercisable at $6.50 each for five years.
Connected to the offering, one of the company's preferred stock holders converted $5 million of a $10 million preferred stock holding issued in September 2004. The company issued 124,170 common shares as part of the conversion. Also in consideration for the conversion, the company lowered the exercise price of 361,795 warrants issued with the preferreds to $6.84 each from $8.16.
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: | Stock
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| Amount: | $5 million
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| Shares: | 952,381
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| Price: | $5.25
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| Warrants: | 214,578
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| Warrant expiration: | Five years
|
| Warrant strike price: | $6.50
|
| Settlement date: | Aug. 9
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| Stock price: | $5.65 at close Aug. 8
|
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