MicroVision shares were up almost 2% Thursday morning after the company said it priced an underwritten public offering of 4.8 million shares of its common stock at $2.10 per share, 1.9% lower than the share closing price on Wednesday. MicroVision has also granted the underwriter a 30-day option to buy up to an additional 714,286 shares of common stock to cover over-allotments, if any.
MicroVision expects to receive net proceeds, after deducting the underwriting discount and estimated offering expenses, of approximately $9.1 million from the offering. MicroVision will use the net proceeds for general corporate purposes. The offering is expected to close on or about Aug. 15.