REDMOND, Wash., Feb. 22, 2021 (GLOBE NEWSWIRE) -- MicroVision, Inc. (NASDAQ: MVIS), a leader in MEMS based solid state automotive lidar and micro-display technology for augmented reality, today announced it completed a $50 million At-the-Market ( ATM ) equity offering agreement with Craig-Hallum Capital Group LLC (Craig-Hallum).
Under the agreement the Company was able, at its discretion, to offer and sell shares of its common stock having an aggregate value of up to $50.0 million through Craig-Hallum. The Company has issued 2.5 million shares of its common stock for net proceeds of $48.7 million under this ATM agreement. No further shares are available for sales under this agreement.
“We believe this financing provides us an opportunity to firmly solidify our balance sheet as we remain committed to pursuing strategic alternatives and building value for our shareholders,” said Sumit Sharma, MicroVision Chief Executive Officer. “We remain on track with our plans to complete our development goal of producing the best-in-class lidar sensor for range and resolution with velocity field output and remain on track to meet our previously announced April 2021 milestone.”
MicroVision is a pioneering company in MEMS based laser beam scanning technology that integrates MEMS, lasers, optics, hardware, algorithms and machine learning software into its proprietary technology to address existing and emerging markets. Our integrated approach uses our proprietary technology to provide solutions for automotive lidar sensors, augmented reality micro-display engines, interactive display modules and consumer lidar modules.
MicroVision is a trademark of MicroVision, Inc. in the United States and other countries. All other trademarks are the properties of their respective owners.
Certain statements contained in this release, including those relating to use of proceeds from the financing, the Company’s future products, progress on development, pursuit of a strategic transaction, building value for shareholders, strengthening the Company balance sheet, and product applications and statements using words such as “believe” and “plan” are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those projected in such forward-looking statements include the risk that the Company may not succeed in finding licensing or other strategic solutions, including a potential sale of the Company, with acceptable timing, benefits or costs; our ability to operate with limited cash or to raise additional capital when needed; market acceptance of our technologies and products or for products incorporating our technologies; the failure of our commercial partners to perform as expected under our agreements, including from the impact of COVID-19 (coronavirus); our ability to identify parties interested in paying any amounts or amounts we deem desirable for the purchase or license of intellectual property assets; our or our customers’ failure to perform under open purchase orders; our financial and technical resources relative to those of our competitors; our ability to keep up with rapid technological change; government regulation of our technologies; our ability to enforce our intellectual property rights and protect our proprietary technologies; the ability to obtain additional contract awards and develop partnership opportunities; the timing of commercial product launches and delays in product development; the ability to achieve key technical milestones in key products; dependence on third parties to develop, manufacture, sell and market our products; potential product liability claims; our ability to maintain our listing on The Nasdaq Stock Market, and other risk factors identified from time to time in the Company's SEC reports, including the Company's Annual Report on Form 10-K filed with the SEC. These factors are not intended to represent a complete list of the general or specific factors that may affect us. It should be recognized that other factors, including general economic factors and business strategies, may be significant, now or in the future, and the factors set forth in this release may affect us to a greater extent than indicated. Except as expressly required by federal securities laws, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changes in circumstances or any other reason.
Investor Relations Contact
David H. Allen
Darrow Associates, Inc.