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MicroVision, Inc. (NASDAQ:MVIS), a leader in MEMS-based solid-state automotive lidar technology and ADAS solutions, today announced it has entered into a $35 million At-the-Market (ATM) equity offering agreement with Craig-Hallum Capital Group LLC (Craig-Hallum).
Under the sales 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 $35 million through Craig-Hallum.
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, build out inventory to support direct sales, advance MicroVision's execution of its go-to-market strategy for both of its MAVIN and MOVIA products and for other general corporate purposes.
"2023 has been an energizing year for us with the deepening of our engagement with automotive OEMs, acceleration of our technological innovation, and expansion of our product portfolio," said Sumit Sharma, MicroVision Chief Executive Officer. "With several nomination processes underway, we believe this financing will put us in a better position to achieve our 2023 milestones and demonstrate our capability to meet the needs of multiple potential customers."
Under the ATM 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 automatically effective shelf registration statement filed June 13, 2023 with the Securities and Exchange Commission (SEC), 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.
A copy of the prospectus supplement and the accompanying prospectus relating to these securities may be obtained by visiting EDGAR on the SEC Web site at www.sec.gov or by contacting Craig-Hallum at 222 South Ninth Street, Suite 350, Attention: Equity Capital Markets, by telephone at (612) 334-6300 or by email at prospectus@chlm.com.
This press release does not constitute an offer to sell or a solicitation of an offer to buy, nor may there be any sale of MicroVision's common stock in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any state or jurisdiction.
Posted In: MVIS
