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

MicrovisionAnnouncement

15/06/2023 08:15

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RNS Number : 7742C  MicroVision, Inc.  14 June 2023

MicroVision Announces Withdrawal of Public Offering of Common Stock

REDMOND, WA / ACCESSWIRE / June 14, 2023 / MicroVision, Inc. (NASDAQ:MVIS), a
leader in MEMS-based solid-state automotive lidar technology and ADAS
solutions, today announced that, due to market volatility, it has withdrawn
its proposed public offering of shares of its common stock.

"In the interest of achieving the best value for our shareholders, we have
decided to withdraw our previously announced public offering of common stock,"
said Sumit Sharma, Chief Executive Officer. "We were pleased with the interest
shown in the MicroVision story but given the market volatility and recent
stock price performance, we intend to explore other capital raising
opportunities with a focus on shareholder value. We appreciate the continued
support of our shareholder base as shown at our Annual Meeting of Shareholders
last month."

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
capital raising alternatives, and those statements using words such as
"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 raise capital 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 securities that may 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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