MicroVision prices USD13m offering

Miniature projection display company MicroVision, Inc. (NASDAQ: MVIS) has priced an underwritten public offering of 12,149,533 shares of its common stock at a public offering price of USD1.07 per share, for gross proceeds of approximately USD13 million, the company said.

MicroVision also granted the underwriter a 30-day option to purchase up to an additional 1,822,430 shares of common stock to cover over-allotments, if any.

Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann Financial Services Inc. (NYSE MKT: LTS) is acting as the sole underwriter for the offering.

MicroVision expects to receive net proceeds, after deducting the underwriting discount and estimated offering expenses, of approximately USD11.8 million from the offering. MicroVision intends to use the net proceeds for general corporate purposes. The offering is expected to close on or about December 14, 2016, subject to the satisfaction of customary closing conditions.

MicroVision is the creator of PicoP scanning technology, an ultra-miniature laser projection and sensing solution based on the laser beam scanning methodology pioneered by the company. The company is based in Redmond, Wash.