Nashville, Sept. 10 - Microvision Inc. announced Friday that it has issued $10 million of three-year convertible preferred stock at 3.5% plus five-year stock warrants to a single institutional investor, Satellite Strategic Finance Associates, LLC.
Microvision can force conversion if its common stock exceeds $12.09 per share.
Microvision stock closed at $7.00 Thursday.
The warrants will be exercisable for 361,795 shares of common stock at $8.16 per share through Sept. 10, 2009.
"We are pleased to be strengthening our balance sheet and working with a new institutional investor," said Microvision chief executive Rick Rutkowski.
"Establishing long-term relationships with high-quality investors is an important piece of our overall financing strategy. We believe that a stronger balance sheet, an expanded investor base and our equity position in Lumera should enable us to pursue a variety of alternatives in future financings. We are particularly excited about the growth opportunities we are seeing now and we look forward to continuing to report on our successes."
Bothell, Wash.-based Microvision develops light scanning technologies.
Terms of the deal are:
| Issuer: | Microvision Inc.
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| Issue: | Convertible preferred stock
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| Placement agent: | None
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| Amount: | $10 million
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| Maturity: | Sept. 10, 2007
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| Dividend: | 3.5%
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| Conversion price: | $6.91
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| Conversion ratio: | 1.4472
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| Sale date: | Sept. 9
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| Settlement: | Sept. 10
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| Distribution: | Private placement
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