REDMOND, Wash., June 21, 2021 (GLOBE NEWSWIRE) — MicroVision a leader in MEMS based solid state automotive lidar and micro-display technology for augmented reality, today announced it entered into a $140 million At-the-Market equity offering agreement with Craig-Hallum Capital Group (Craig-Hallum).
Under the agreement MicroVision may, from time to time, at its discretion offer and sell shares of its common stock having an aggregate value of up to $140 million through Craig-Hallum. MicroVision intends to use the net proceeds from the ATM, if any, for general corporate purposes, which may include, but are not limited to, working capital and capital expenditures as MicroVision continues to pursue its strategy to enhance shareholder value.
“I am proud of the progress our Company has made advancing our automotive lidar program. We look forward to more broadly promoting our technology to OEM and Tier 1 suppliers and publicly testing our sensor with external test-site partners,” said Sumit Sharma, MicroVision Chief Executive Officer. “A strong balance sheet gives our potential customers and partners confidence that MicroVision is a capable and trusted long-term supplier.”
Under the ATM equity offering sales agreement, sales of common stock, if any, through Craig-Hallum, will be made by means of ordinary brokers’ transactions, in negotiated transactions, to or through a market maker other than on an exchange or otherwise, at market prices prevailing at the time of sale, at prices related to such prevailing market prices, or at negotiated prices and/or any other method permitted by law.
The common stock will be offered under MicroVision’s effective shelf registration statement filed February 16, 2021 with the Securities and Exchange Commission (SEC), which includes a base prospectus and a prospectus supplement relating to the offering. Any offer, solicitation or sale will be made only by means of the prospectus. Current and potential investors should read the prospectus and other documents the company has filed with the SEC for more complete information about MicroVision and the ATM.
A copy of the prospectus relating to these securities may be obtained by contacting Craig-Hallum at 222 South Ninth Street, Suite 350, Attention: Equity Capital Markets, by telephone at (612) 334-6300 or by email at prospectus@chlm.com.
About MicroVision
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.
For more information, visit the Company’s website at www.microvision.com, on Facebook at www.facebook.com/microvisioninc or follow MicroVision on Twitter at @MicroVision.
MicroVision is a trademark of MicroVision, in the United States and other countries. All other trademarks are the properties of their respective owners.
Investor Relations Contact
David H. Allen
Darrow Associates.
408.427.4463
dallen@darrowir.com