Microvision, Inc. (MVIS) Secures $15 Million Equity Investment From Walsin Lihwa Corporation

June 22, 2009 8:15 AM EDT

Microvision, Inc. (NASDAQ: MVIS), and Walsin Lihwa Corporation announced that Walsin Lihwa Corporation, through its subsidiary Max Display Enterprises Limited, has agreed to invest approximately $15 million in Microvision. The investment is expected to be completed on June 22, 2009.

Under the terms of the securities purchase agreement, Walsin Lihwa's subsidiary will purchase 8,076,239 shares of Microvision's common stock at a price of $1.8573 per share., which represents a 15% discount to the average closing price of Microvision's common stock over the 30 trading days through June 18, 2009. Walsin Lihwa's subsidiary also will be issued a warrant to purchase 2,019,060 shares of Microvision's common stock at an exercise price of $2.1850 per share, exercisable until June 22, 2012. Microvision would receive an aggregate consideration of approximately $15 million in cash.

"Walsin Lihwa continues to seek further growth based on innovations," said Yu-Lon Chiao, Chairman of Walsin Lihwa. "We believe Microvision is well positioned with its PicoP technology to take advantage of large, emerging market opportunities."

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