WASHINGTON (dpa-AFX) - MicroVision, Inc. (MVIS) said Friday that it has priced an underwritten public offering of about 17.95 million units at a price to the public of $0.585 per unit for gross proceeds of about $10.5 million.
Each unit consists of one share of common stock and one warrant to purchase 0.5 shares of common stock at an exercise price of $0.78 per share.
MicroVision has also granted the underwriter a 30-day option to purchase an additional about 2.69 million shares of common stock and warrants to purchase an additional about 1.35 million shares of common stock, solely to cover over-allotments.
The company expects to receive net proceeds, after deducting the underwriting discount and estimated offering expenses, of about $9.7 million from the offering, or $11.2 million if the underwriter exercises their over-allotment option in full.
The offering is expected to close on or about November 16.
MicroVision plans to use the net proceeds of the offering for general corporate purposes.
Copyright RTT News/dpa-AFX
