MicroVision Announces $150 Million At-The-Market Equity Facility

REDMOND, WA / ACCESSWIRE / March 5, 2024 / MicroVision, Inc. (NASDAQ:MVIS), a leader in MEMS-based solid-state automotive lidar technology and ADAS solutions, today announced that it has entered into a $150 million at-the-market (ATM) equity offering sales agreement with Deutsche Bank Securities, Mizuho and Craig-Hallum Capital Group, who are acting as the sales agents.

Under the sales agreement, MicroVision may, from time to time, offer and sell shares of its common stock having an aggregate value of up to $150 million through any of the sales agents.

MicroVision intends to use the net proceeds from the ATM, if any, to support investments that may be required to scale production capabilities with OEM-approved manufacturing partners, accelerate ASIC development, advance MicroVision's execution of its go-to-market strategy for both of its MAVIN and MOVIA products and for other general corporate purposes.

"With our multi-solution product offering, the maturity of our technology and our proven capabilities, we believe we've made great progress toward securing nominations for series production with automotive OEMs. The industry-wide challenge that we continue to address, though, is proving our ability to operate as a lidar Tier 1 with adequate cash runway and investor confidence to execute customer supply agreements upon nomination," said Sumit Sharma, MicroVision Chief Executive Officer. "With the potential proceeds from this financing, we intend to address this challenge head on, establishing ourselves with OEMs as a reliable Tier 1 lidar partner."

Under the ATM sales agreement, sales of common stock, if any, through the sales agents will be made only by methods deemed to be an "at the market offering" as defined in Rule 415 promulgated under the Securities Act of 1933, as amended, including without limitation sales made directly on The Nasdaq Global Market, on any other trading market for our common stock or to or through a market maker, or, with our prior written consent, any other method permitted by law, including negotiated transactions.

The common stock will be offered under MicroVision's shelf registration statement filed June 13, 2023 with the Securities and Exchange Commission (SEC), as amended by Post-Effective Amendment No. 1 filed on February 29, 2024 and Post-Effective Amendment No. 2 filed on March 1, 2024, which includes a base prospectus and a prospectus supplement relating to the offering. Any offer, solicitation or sale will be made only by means of the prospectus supplement and the accompanying prospectus related to the offering. Current and potential investors should read the prospectus supplement and accompanying prospectus in the registration statement and other documents the company has filed with the SEC for more complete information about MicroVision and the ATM.