Microvision raises $23.12 million through public offering of common stock

Microvision, Inc., a US-based developer of display and imaging products for mobile applications, has completed its public offering of 7.705 million shares of its common stock at a price of $3 per share, which includes 1.005 million shares sold upon exercise by the underwriters of their option to purchase additional shares. The company has raised gross proceeds of $23.12 million through this offering.

Update on November 19, 2009:

Microvision has priced an underwritten public offering of 6.7 million shares of its common stock at a price of $3 per share to raise gross proceeds of $20.1 million.

Microvision has granted the underwriters a 30-day option to purchase up to an additional 1 million shares of its common stock to cover over-allotments, if any. The offering is expected to close on November 24, 2009.

Announcement (November 18, 2009):

Microvision is planning to offer 6.7 million shares of its common stock in an underwritten public offering.

Oppenheimer & Co., Inc. and Thomas Weisel Partners LLC are acting as joint book-running managers and Craig-Hallum Capital Group LLC is acting as co-manager for the offering.

Deal Value (US$ Million) 23.12
Deal Type                IPO
Sub-Category             Secondary Offering
Deal Status              Completed: 2009-11-24

Deal Participants

Target (Company) Microvision, Inc.

Deal Rationale

Microvision intends to use the net proceeds from the offering for general corporate purposes, including, but not limited to, working capital and capital expenditures.

Offer Price ($ per share) 3
No. Shares Issued         7705000

Related terms: corporate, exercise, ipo, products, public offering