MicroVision Announces Completion of At-the-Market Equity Facility

REDMOND, WA / ACCESSWIRE / June 29, 2023 / MicroVision, Inc. (Nasdaq:MVIS), a leader in MEMS-based solid-state automotive lidar technology and ADAS solutions, today announced the completion of its at-the-market (ATM) equity facility pursuant to the At-The-Market Issuance Sales Agreement that MicroVision entered into on June 16, 2023 with Craig-Hallum Capital Group LLC.

After taking into account the net proceeds from the ATM, the Company has, as of today, approximately $95 million in cash and cash equivalents, including investment securities.

"We are pleased to have successfully completed the ATM, which strengthened our balance sheet and fortifies our position for accomplishing our 2023 objectives." said Sumit Sharma, MicroVision's Chief Executive Officer.

The shares sold under the ATM facility were offered pursuant to MicroVision's automatically effective shelf registration statement filed June 13, 2023 with the Securities and Exchange Commission (SEC) and a prospectus supplement filed with the SEC on June 16, 2023.

As disclosed in the prospectus supplement filed on June 16, 2023 with the SEC, proceeds from the ATM will be used for general corporate purposes, which may include, but are not limited to, working capital and capital expenditures.

This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities in the offering, nor shall there be any sale of these securities in any jurisdiction in which an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

About MicroVision

With over 350 employees and global presence in Redmond, Detroit, Hamburg, and Nuremberg, MicroVision is a pioneering company in MEMS-based laser beam scanning technology that integrates MEMS, lasers, optics, hardware, algorithms and machine learning software into its proprietary technology to address existing and emerging markets. The Company's integrated approach uses its proprietary technology to provide automotive lidar sensors and solutions for advanced driver-assistance systems (ADAS) and for non-automotive applications including industrial, smart infrastructure and robotics. The Company has been leveraging its experience building augmented reality micro-display engines, interactive display modules, and consumer lidar modules.