RCS - MicroVision, Inc. - MicroVision Announces Proposed Offering of Stock

MicrovisionAnnouncement

14/06/2023 08:15

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RNS Number : 6173C  MicroVision, Inc.  13 June 2023

MicroVision Announces Proposed Public Offering of Common Stock

REDMOND, WA / ACCESSWIRE / June 13, 2023 / MicroVision, Inc. (Nasdaq:MVIS), a
leader in MEMS-based solid-state automotive lidar technology and ADAS
solutions, today announced that it intends to offer and sell, subject to
market and other conditions, shares of its common stock in an underwritten
$75.0 million public offering.

UBS Investment Bank is acting as the lead book-running manager for the
proposed offering. Cantor Fitzgerald & Co. is acting as the book-running
manager for the proposed offering. Craig-Hallum is acting as the co-manager
for the proposed offering.

MicroVision also expects to grant the underwriters a 30-day option to purchase
up to an additional $11.25 million of its common stock at the public offering
price, less the underwriting discount. The offering is subject to market
conditions, and there can be no assurance as to whether or when the offering
may be completed, or as to the final size or terms of the offering.
MicroVision intends to use the net proceeds from the offering for general
corporate purposes.

The securities described above are being offered by MicroVision pursuant to
its registration statement on Form S-3, which became effective automatically
upon its filing with the Securities and Exchange Commission (SEC) on June 13,
2023. The offering may be made only by means of the preliminary prospectus
supplement and the accompanying prospectus relating to the proposed offering,
copies of which will be available on the SEC's website located at
http://www.sec.gov and may also be obtained, when available, from UBS
Securities LLC, Attention: Prospectus Department, 1285 Avenue of the Americas,
New York, NY 10019, or by email at ol-prospectus-request@ubs.com; or Cantor
Fitzgerald & Co., 499 Park Avenue, 6th Floor, New York, New York 10022,
Attn: Capital Markets Department, or by email at prospectus@cantor.com. Before
you invest, you should read the preliminary prospectus supplement and
accompanying prospectus in the registration statement and other documents
MicroVision has filed or will file with the SEC for more complete information
about MicroVision and the offering.

This press release does not constitute an offer to sell or a solicitation of
an offer to buy the securities in the offering, nor shall there be any sale of
these securities in any jurisdiction in which an offer, solicitation or sale
would be unlawful prior to registration or qualification under the securities
laws of such jurisdiction.

About MicroVision

With over 350 employees and global presence in Redmond, Detroit, Hamburg, and
Nuremberg, 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. The Company's integrated approach uses its
proprietary technology to provide automotive lidar sensors and solutions for
advanced driver-assistance systems (ADAS) and for non-automotive applications
including industrial, smart infrastructure and robotics. The Company has been
leveraging its experience building augmented reality micro-display engines,
interactive display modules, and consumer lidar modules.

MicroVision, MAVIN, MOSAIK, and MOVIA are trademarks of MicroVision, Inc. in
the United States and other countries. All other trademarks are the properties
of their respective owners.

Forward-Looking Statements

Certain statements contained in this release, including those relating to
closing of the offering, and those statements using words such as "expects" or
"intends" are forward-looking statements that involve a number of risks and
uncertainties. Factors that could cause actual results to differ materially
from those projected in our forward-looking statements include the following:
our ability to successfully complete the offering on the anticipated terms and
on terms and conditions satisfactory to us; the possible adverse impact on the
market price of our shares of common stock due to the dilutive effect of the
securities to be sold in the offering; capital market risks; 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; 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 to 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 our SEC reports, including our Annual Report on Form 10-K, our
Quarterly Reports on Form 10-Q and other reports 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:

Jeff Christensen

Darrow Associates Investor Relations

MVIS@darrowir.com

Media Contact:

Robyn Komachi

Marketing@MicroVision.com

SOURCE: MicroVision, Inc.

 

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