Benzinga | Dec 29, 2020 04:46PM EST

MicroVision Announces $13M At-The-Market Equity Facility

REDMOND, Wash., Dec. 29, 2020 (GLOBE NEWSWIRE) -- MicroVision, Inc. (NASDAQ:MVIS), a leader in innovative ultra-miniature projection display technology, today announced it entered into a $13 million At-the-Market (ATM) equity offering agreement with Craig-Hallum Capital Group on December 29, 2020.



Under the agreement MicroVision may, from time to time, at its discretion offer and sell shares of its common stock having an aggregate value of up to $13 million through Craig-Hallum. MicroVision intends to use the net proceeds from the ATM, if any, for general corporate purposes, which may include, but are not limited to, working capital and capital expenditures as MicroVision continues development of its automotive lidar module and pursues a potential strategic transaction.

"Completing development of what we believe will be the best-in-class lidar sensor for range, resolution and frame rate is an engineering challenge. So far, our team remains on track to complete our Long Range Lidar sensor sample in April 2021. We believe this financing will further solidify our balance sheet as we remain committed to pursuing strategic alternatives and establishing value for our shareholders," said Sumit Sharma, MicroVision ChiefExecutive Officer. "We expect a stronger balance sheet will provide the Company with runway through 2021 and into the first quarter of 2022 to enable us to continue development of our lidar sensor while pursuing strategic alternatives," said Steve Holt, MicroVision Chief Financial Officer.

Under the ATM equity offering sales agreement, sales of common stock, if any, through Craig-Hallum, will be made by means of ordinary brokers' transactions, in negotiated transactions, to or through a market maker other than on an exchange or otherwise, at market prices prevailing at the time of sale, at prices related to such prevailing market prices, or at negotiated prices and/or any other method permitted by law.

The common stock will be offered under MicroVision's existing effective shelf registration statement (including a prospectus) filed with the Securities and Exchange Commission. A prospectus supplement related to the offering has been filed with the Securities and Exchange Commission. Any offer, solicitation or sale will be made only by means of the prospectus supplement and the accompanying prospectus. Current and potential investors should read the prospectus forming part of the registration statement, the prospectus supplement relating to the At-the-Market offering and other documents the company has filed with the SEC for more complete information about MicroVision and the At-the-Market offering program.

A copy of the prospectus supplement and accompanying prospectus relating to these securities may be obtained by contacting Craig-Hallum at 222 South Ninth Street, Suite 350, Attention: Equity Capital Markets, by telephone at (612) 334-6300 or by email at prospectus@chlm.com.