Date: May 17, 2013 Source: (
click here to go to the source)
REDMOND, Wash.--(BUSINESS WIRE)--May. 17, 2013-- MicroVision, Inc. (Nasdaq: MVIS), a leader in innovative ultra-miniature laser display technology, today announced that it has completed the sale of 2,635,136 shares of common stock and warrants to acquire up to an aggregate of 1,976,352 shares of common stock to Crede CG III, Ltd. ("Crede") and other investors for gross proceeds of $5.85 million in a registered direct offering.
The price per share was determined by the closing bid price on May 16, 2013 as reported on the Nasdaq stock exchange. The warrants are exercisable at a price of $2.886 per share. Under certain circumstances, in the event that MicroVision's common stock trades at a price that is 25% or more above the exercise price of the warrants for a period of 20 consecutive days (with an average daily volume equal to or greater than $300,000), the Company may, subject to limitations in the warrants, require the holder of the warrants to exercise the warrants for cash. If the common stock is then trading at a price at or lower than the warrant exercise price, the warrants are also exchangeable for a number of shares of MicroVision's common stock determined by a formula described in a Current Report on Form 8-K filed today with the Securities and Exchange Commission, but not more than the number of shares for which the warrant could be exercised for cash. As part of the sale, MicroVision paid an investment fee to Crede, which reduced its aggregate investment.
MicroVision intends to use the net proceeds of the offering to fund the continued development and commercialization of its PicoP® display technology under its ingredient brand licensing strategy.
More information regarding the terms of the sale and the terms of the warrants is included in a Current Report on Form 8-K filed today with the Securities and Exchange Commission.
MicroVision is the creator of PicoP® display technology, an ultra-miniature laser projection solution for mobile consumer electronics, automotive head-up displays and other applications. MicroVision's patented display technology helps OEMs break down display boundaries and offer enhanced visibility to mobile experiences. Nearly two decades of research has led MicroVision to become an independently recognized leader in the development of intellectual property. MicroVision's IP portfolio has been recognized by the Patent Board as a top 50 IP portfolio among global industrial companies and is also included in the Ocean Tomo 300 Patent Index. The company is based in Redmond, Wash.