Second Sight Medical Products Inc (NASDAQ:EYES) announced it filed a registration statement on Form S-1 with the Securities and Exchange Commission or a rights offering to its existing stockholders.
Under the proposed rights offering, Second Sight would distribute one non-transferable subscription right for each share of common stock held on the record date. Each right would entitle the holder to invest $0.47 at a subscription price that will be determined at the end of the subscription period. Rights will entitle existing shareholders to purchase units consisting of one share of common stock and one warrant to purchase one share of common stock at the subscription price.
The subscription price per unit will equal the lesser of $2.00 or the closing price per share of our common stock on Nasdaq on the close of the subscription period. The subscription period is anticipated to extend from the effective date of the registration statement through about 25 days thereafter.
Holders who exercise their subscription rights in full will be entitled, if available, to subscribe for additional rights that are not purchased by other shareholders. The record date, commencement date and expiration date for the rights offering, will be determined and announced after the registration statement relating to the rights offering becomes effective.
Second Sight plans to use the proceeds from the rights offering to fund ongoing development that will improve performance of Argus II, and to expand markets to better-sighted RP patients. In addition the Company plans to continue funding the ongoing development of the Orion I visual prosthesis, and continue funding the ongoing clinical study of Argus II in patients with AMD. The financing is also expected to provide for other operating and general corporate purposes.
The registration statement on Form S-1 filed by Second Sight with the Securities and Exchange Commission has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. The rights offering, which is expected to commence promptly following the effectiveness of the registration statement, will only be made by means of a prospectus. A preliminary prospectus relating to and describing the proposed terms of the rights offering has been filed with the SEC as a part of the registration statement. (Original Source)
Shares of Second Sight Medical Products are currently trading at $1.91, down $0.08 or -4.02%. EYES has a 1-year high of $6.93 and a 1-year low of $1.71. The stock’s 50-day moving average is $2.01 and its 200-day moving average is $3.03.
On the ratings front, H.C. Wainwright analyst Amit Dayal reiterated a Buy rating on EYES, with a price target of $16, in a report issued on December 22. The current price target implies an upside of 704% from current levels.
According to TipRanks.com, Dayal has a yearly average loss of 9.5%, a 28% success rate, and is ranked #4031 out of 4350 analysts.
Second Sight Medical Products, Inc. creates a retinal prosthesis to provide sight to patients blinded from outer retinal degenerations such as Retinitis Pigmentosa. It manufactures and market implantable visual prosthetics to enable blind individuals to overcome disability and achieve greater independence.