MicroVision also expects to grant the underwriter a 30-day option to purchase additional shares of common stock equal to up to 15 percent of the aggregate number of shares to be sold in the offering to cover over-allotments, if any.
MicroVision Prices $13 Million Offering of Common Stock
REDMOND, Wash.--(BUSINESS WIRE)--Dec. 9, 2016-- MicroVision, Inc. (NASDAQ: MVIS), a leader in innovative ultra-miniature projection display and sensing technology, today announced the pricing of an underwritten public offering of 12,149,533 shares of its common stock at a public offering price of $1.07 per share, for gross proceeds of approximately $13 million. MicroVision also granted the underwriter a 30-day option to purchase up to an additional 1,822,430 shares of common stock to cover over-allotments, if any.
The information contained in this preliminary prospectus supplement and the accompanying prospectus is not complete and may be changed. This preliminary prospectus supplement and the accompanying prospectus are not an offer to sell nor do they seek an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.
Subject to Completion, Dated December 8, 2016
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The number of shares of common stock to be outstanding after this offering is based on 53,943,657 shares outstanding as of November 17, 2016 and excludes, as of that date, the following:
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4,065,618 shares of our common stock issuable upon exercise of outstanding options, of which approximately 2,030,099 were exercisable at a weighted average exercise price of $5.62 per share, under our 2013 Incentive Plan, as amended, or the Incentive Plan;
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60,000 shares of our common stock underlying unvested stock awards;
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3,760,500 shares of our common stock issuable upon exercise of outstanding warrants, all of which were exercisable at a weighted average exercise price of $2.34 per share; and
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1,925,349 shares of our common stock reserved for issuance pursuant to the Incentive Plan.
Unless otherwise indicated, this prospectus supplement assumes no exercise by the underwriter of its over-allotment option.
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Our Certificate of Incorporation, as amended, authorizes us to issue 100,000,000 shares of common stock, $0.001 par value per share, and 25,000,000 shares of preferred stock, $0.001 par value per share. As of June 2, 2016, there were 51,654,573 shares of common stock, and no shares of preferred stock, outstanding.
Common Stock. All outstanding common stock is, and any stock issued under this prospectus will be, fully paid and nonassessable. Subject to the rights of the holders of our outstanding preferred stock, holders of common stock:
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are entitled to any dividends validly declared;
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will share ratably in our net assets in the event of a liquidation; and
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are entitled to one vote per share.
The common stock has no conversion rights. Holders of common stock have no preemption, subscription, redemption, or call rights related to those shares.
