Second Sight Medical Products plans $19.77 million rights offering

Shareholders will receive right to invest $0.55 for each share held

By Angela McDaniels

Tacoma, Wash., Jan. 25 – Second Sight Medical Products, Inc. will sell common stock through a rights offering. The maximum amount of shares to be sold is currently expected to be $19.77 million.

Shareholders will receive the right to invest $0.55 for each share of common stock owned on the record date. The number of shares received will be equal to the dollar investment amount accepted by the company divided by the subscription price.

The subscription price per share will equal the lower of 85% of the closing share price on the expiration date of the offering or $4.25, according to an S-1 filing with the Securities and Exchange Commission.

Broadridge Corporate Issuer Solutions, Inc. is the subscription agent.

If the rights offering is not fully subscribed, shareholders who exercise their rights in full will be entitled to an oversubscription privilege.

Board member Gregg Williams and Easton Invest AG, a share-owning entity affiliated with one of the company’s early shareholders, plan to exercise their rights in full and, if applicable, their oversubscription privileges.

Proceeds will be used for operating and other general corporate purposes.

The company’s stock closed at $4.43 (Nasdaq: EYES) on Jan. 25.

The Sylmar, Calif.-based company makes devices that restore some useful vision to blind individuals.

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