Pixium Vision - Second Sight $28m financing adds clouds to deal

On 24 March, Second Sight announced a $27.9m private placement (4.65m shares at $6.00/share), expected to close on 26 March. Such a capital raise was prohibited under the terms of the January 2021 memorandum of understanding (MOU) entered into by Pixium and Second Sight relating to the proposed business combination of both entities. Second Sight had requested Pixium's prior consent in recent days but Pixium's board declined, as it felt that due to regulatory constraints, the proposed private placement would jeopardise the likeliness of the closing of the $25m capital increase contemplated as one of the conditions required under the MOU for the business combination. Pixium is now seeking further information from Second Sight on the conditions of the private placement and will also study alternative financing solutions as appropriate, and intends to announce its next steps in the coming days.

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