Microvision, Inc. (NASDAQ:MVIS), a leader in innovative ultra-miniature laser display and imaging technology, announced the pricing of an underwritten public offering of 3,529,412 shares of its common stock at a public offering price of $1.70 per share, for gross proceeds of approximately $6.0 million. MicroVision also granted the underwriter a 30-day option to purchase up to an additional 529,411 shares of common stock to cover over-allotments, if any.

Northland Capital Markets is acting as underwriter in the offering.

MicroVision expects to receive net proceeds, after deducting the underwriting discount and estimated offering expenses, of approximately $5.4 million from the offering. MicroVision intends to use the net proceeds for general corporate purposes. The offering is expected to close on or about March 28, 2016, subject to the satisfaction of customary closing conditions. (Original Source)

Shares of Microvision closed yesterday at $1.76, down $0.15 or 3.5%. MVIS has a 1-year high of $4.02 and a 1-year low of $1.65. The stock’s 50-day moving average is $2.63 and its 200-day moving average is $2.78.

On the ratings front, Microvision has been the subject of a number of recent research reports. In a report issued on March 9, Oppenheimer analyst Andrew Uerkwitz maintained a Hold rating on MVIS. Separately, on December 17, H.C. Wainwright’s Kevin Dede initiated coverage with a Buy rating on the stock and has a price target of $3.50.

According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Andrew Uerkwitz and Kevin Dede have a total average return of 3.4% and -7.8% respectively. Uerkwitz has a success rate of 52.9% and is ranked #688 out of 3757 analysts, while Dede has a success rate of 35.7% and is ranked #3305.

Microvision Inc is engaged in developing its proprietary PicoP display technology. Its technology can be used to create high-resolution miniature laser display and imaging engines.