MicroVision Announces $50 Million At-the-Market Equity Facility

REDMOND, Wash., Feb. 16, 2021 (GLOBE NEWSWIRE) -- MicroVision, Inc. (NASDAQ: MVIS), a leader in MEMS based solid state automotive lidar and micro-display technology for augmented reality, today announced it entered into a $50 million At-the-Market (ATM) equity offering agreement with Craig-Hallum Capital Group LLC (Craig-Hallum).

Under the agreement MicroVision may, from time to time, at its discretion offer and sell shares of its common stock having an aggregate value of up to $50 million through Craig-Hallum. MicroVision intends to use the net proceeds from the ATM, if any, for general corporate purposes, which may include, but are not limited to, working capital and capital expenditures as MicroVision pursues a potential strategic transaction.

“We continue to make progress on completing our development goal of producing the best-in-class lidar sensor for range, resolution with velocity field output and remain on track to meet our previously announced April 2021 milestone. We believe this financing will give us an opportunity to firmly solidify our balance sheet as we remain committed to pursuing strategic alternatives and building value for our shareholders,” said Sumit Sharma, MicroVision Chief Executive Officer. “We plan to complete development of our 1^st generation Long Range Lidar module to a level that would be ready to scale in the market as well as take other actions to increase the value of the Company.”

Under the ATM equity offering sales agreement, sales of common stock, if any, through Craig-Hallum, will be made by means of ordinary brokers’ transactions, in negotiated transactions, to or through a market maker other than on an exchange or otherwise, at market prices prevailing at the time of sale, at prices related to such prevailing market prices, or at negotiated prices and/or any other method permitted by law.

The common stock will be offered under MicroVision’s effective shelf registration statement filed today with the Securities and Exchange Commission (SEC), which includes a prospectus relating to the offering. Any offer, solicitation or sale will be made only by means of the prospectus. Current and potential investors should read the prospectus and other documents the company has filed with the SEC for more complete information about MicroVision and the ATM.