Stock Update (NASDAQ:MVIS): Microvision, Inc. Announces Proposed Public Offering of Common Stock
Microvision, Inc. (NASDAQ:MVIS) announced that it intends to offer to sell, subject to market and other conditions, shares of its common stock in an underwritten public offering. Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann, will act as the sole underwriter for the offering. MicroVision also expects to grant the underwriter a 30-day option to purchase additional shares of common stock equal to up to 15 percent of the aggregate number of shares to be sold in the offering to cover over-allotments, if any. 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. (Original Source)
The public offering would dilute shareholders’ investments, and as such Microvision shares are dropping nearly 11% to $1.19 in after-market trading Thursday. MVIS has a 1-year high of $3.08 and a 1-year low of $0.89. The stock’s 50-day moving average is $1.20 and its 200-day moving average is $1.60.
MicroVision, Inc. is the creator of PicoP scanning technology, an ultra-miniature laser projection and sensing solution based on the laser beam scanning methodology pioneered by the company. MicroVision’s platform approach for this advanced display and sensing solution means that it can be adapted to a wide array of applications and form factors. The company was founded in May 1993 and is headquartered in Redmond, WA.