By Devika Patel
Knoxville, Tenn., Aug. 17 - Microvision, Inc. arranged a $60 million committed equity financing facility with Azimuth Opportunity Ltd. on Aug. 16, according to an 8-K filed Tuesday with the Securities and Exchange Commission. Reedland Capital Partners is the agent.
Azimuth has committed to purchase up to $60 million of the company's common shares over two years at a per-share purchase price equal to the daily volume-weighted average price of the company's common stock during the 10-day draw-down period, less a discount ranging from 3.5% to 10%.
The advances may be drawn in up to 24 tranches, with a minimum of five trading days between each advance.
Azimuth also received 64,377 common shares and a cash fee of $150,000.
Based in Bothell, Wash., Microvision develops high-resolution displays and imaging systems used in military, medical, industrial and consumer applications.
| Issuer: | Microvision, Inc.
|
| Issue: | Committed equity financing facility
|
| Amount: | $60 million
|
| Tenor: | Two years
|
| Price: | Volume-weighted average price minus a discount ranging from 3.5% to 10%
|
| Warrants: | No
|
| Agent: | Reedland Capital Partners
|
| Investor: | Azimuth Opportunity Ltd.
|
| Fees: | 64,377 common shares and $150,000 in cash
|
| Pricing date: | Aug. 16
|
| Stock symbol: | Nasdaq: MVIS
|
| Stock price: | $2.30 at close Aug. 16
|
| Market capitalization: | $205.05 million
|
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