MicroVision (MVIS) Prices Common, Warrants Offering at $0.585/Unit

MicroVision, Inc. (Nasdaq: MVIS), announced that it has priced an underwritten public offering of 17,948,716 units at a price to the public of $0.585 per unit for gross proceeds of approximately $10.5 million. Each unit consists of one share of common stock and one warrant to purchase 0.5 shares of common stock at an exercise price of $0.78 per share. The shares of common stock and warrants are immediately separable and will be issued separately. The warrants are exercisable beginning on the date of issuance and expire on the five-year anniversary of the date of issuance. MicroVision has also granted the underwriter a 30-day option to purchase an additional 2,692,306 shares of common stock and warrants to purchase an additional 1,346,153 shares of common stock, solely to cover over-allotments. MicroVision expects to receive net proceeds, after deducting the underwriting discount and estimated offering expenses, of approximately $9.7 million from the offering, or $11.2 million if the underwriter exercises their over-allotment option in full. Oppenheimer & Co. is acting as the underwriter for the offering. The offering is expected to close on or about November 16, 2011, subject to the satisfaction of customary closing conditions. MicroVision intends to use the net proceeds of the offering for general corporate purposes.

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