Microvision, Inc. (NASDAQ: MVIS) shares fell Friday after reporting an $18-million common stock offering.
The company, headquartered in Redmond, Washington, a leader in innovative ultra-miniature projection display and sensing technology, announced Thursday that it intends to make an underwritten public offering of up to $18 million of its common stock pursuant to a registration statement on Form S-1 previously filed with the U.S. Securities and Exchange Commission.
All of the shares will be sold by MicroVision. Thursday's news release went on to say that MicroVision intends to use the net proceeds from the offering for general corporate purposes, which may include, but are not limited to, working capital and capital expenditures. Subject to market conditions, MicroVision expects that the offering will be priced next week.
MicroVision is the creator of PicoP® scanning technology, an ultra-miniature laser projection and sensing solution for mobile consumer electronics, automotive head-up displays and other applications. MicroVision’s patented technology is a single platform that can enable projected displays, image capture and interaction for a wide array of future-ready products in this rapidly evolving, always-on world.
Extensive 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 has been included in the Ocean Tomo 300 Patent Index.
The shares retreated 10.5 cents, or 7.4%, to $1.32.
