REDMOND, WA - MicroVision, Inc. (NASDAQ:MVIS), known for its MEMS-based solid-state automotive lidar technology, announced that it has initiated a $150 million at-the-market equity offering.
The agreement involves Deutsche Bank Securities, Mizuho, and Craig-Hallum Capital Group acting as sales agents.
The company may sell shares of common stock from time to time through these agents, up to the aggregate value of $150 million. The proceeds are intended to fund the scaling of production capabilities, accelerate ASIC development, and advance the go-to-market strategy for its MAVIN and MOVIA products, among other corporate purposes.
MicroVision CEO Sumit Sharma expressed the company's progress towards securing series production nominations with automotive OEMs. He highlighted the challenge of demonstrating their capability as a lidar Tier 1 supplier with sufficient cash runway and investor confidence. Sharma stated that the potential proceeds would directly address this challenge and establish MicroVision as a reliable Tier 1 lidar partner.
Sales of common stock under this agreement will be conducted as "at the market offerings," including sales made directly on The Nasdaq Global Market or any other trading market for the company's stock, or through a market maker, and potentially other methods with prior written consent from the company.
The offering is supported by MicroVision's shelf registration statement filed on June 13, 2023, with subsequent amendments on February 29, 2024, and March 1, 2024. The registration statement includes a base prospectus and a prospectus supplement related to the offering.
MicroVision, headquartered in the U.S. with offices in Germany, integrates MEMS, lasers, optics, hardware, algorithms, and machine learning software into its technology. This technology is used in automotive lidar sensors and solutions for advanced driver-assistance systems (ADAS) and various non-automotive applications.
The information in this article is based on a press release statement from MicroVision, Inc.
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