Form 424B5 out. Why do they need to dilute an additional $5,000,000.00 if they expect millions in payments for this new development contract?
MicroVision, Inc.
$5,000,000
Common Stock
We have entered into a sales agreement with IFS Securities, Inc. (doing business as Brinson Patrick, a division of IFS Securities, Inc.), or Brinson Patrick, relating to the sale of up to $5,000,000 of shares of our common stock, $0.001 par value per share. Subject to the terms and conditions of the sales agreement, we may offer and sell shares of our common stock having an aggregate offering price of up to $5,000,000 from time to time through Brinson Patrick, as our sales agent.
Our shares are quoted on The NASDAQ Global Market under the symbol “MVIS.” On April 26, 2017, the last reported sale price of our common stock on The NASDAQ Global Market was $2.72 per share.
Sales of our common stock, if any, under this prospectus supplement and the accompanying prospectus may be made in sales deemed to be “at the market” equity offerings as defined in Rule 415 promulgated under the Securities Act of 1933, as amended, or the Securities Act, including sales made directly on or through The NASDAQ Global Market, the existing trading market for our common stock, sales made to or through a market maker other than on an exchange or otherwise, in negotiated transactions at market prices prevailing at the time of sale or at prices related to such prevailing market prices, and/or any other method permitted by law. Brinson Patrick is not required to sell a certain number of shares or dollar amount of our common stock. Brinson Patrick will use commercially reasonable efforts to sell on our behalf all of the shares of common stock requested to be sold by us, consistent with their normal trading and sales practices, on mutually agreed terms between Brinson Patrick and us. There is no arrangement for funds to be received in any escrow, trust or similar arrangement.
Brinson Patrick will be entitled to a commission of up to 3% of the gross sales price per share sold under the sales agreement. In connection with the sale of the common stock on our behalf, Brinson Patrick may be deemed to be an “underwriter” within the meaning of the Securities Act, and the compensation of Brinson Patrick may be deemed to be underwriting commissions or discounts.
