Deal with $1.58 million greenshoe to fund general corporate purposes
By Devika Patel
Knoxville, Tenn., Nov. 14 - Microvision, Inc. said it priced a $10.5 million public offering of units. The deal was announced on Nov. 10 and has a $1.58 million greenshoe.
The company will sell 17,948,716 units of one common share and a half-share warrant at $0.585 per unit. The whole warrants are exercisable at $0.78 for five years. The strike price is a 56% premium to the Nov. 10 closing share price of $0.50.
Oppenheimer & Co. is the underwriter.
Settlement is expected on Nov. 16.
Proceeds will be used for general corporate purposes.
Based in Bothell, Wash., Microvision develops high-resolution displays and imaging systems used in military, medical, industrial and consumer applications.
| Issuer: | Microvision, Inc.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | $10.5 million
|
| Greenshoe: | $1,575,000
|
| Units: | 17,948,716
|
| Price: | $0.585
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.78
|
| Underwriter: | Oppenheimer & Co.
|
| Announcement date: | Nov. 10
|
| Pricing date: | Nov. 14
|
| Settlement date: | Nov. 16
|
| Stock symbol: | Nasdaq: MVIS
|
| Stock price: | $0.50 at close Nov. 10
|
| Market capitalization: | $57.42 million
|
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