Microvision offering $21 million in common stock

AP News
Posted: Nov 19, 2009 10:47 AM

Microvision Inc., which focuses on light scanning technology, said Thursday it is publicly offering $21 million in common stock.

The offer, for 6.7 million shares at $3 apiece marks a 27 percent discount to the stock's closing price of $4.11 on Wednesday.

Microvision also granted underwriters a 30-day option to buy up to an additional 1 million shares of stock to cover overallotments.

The company expects net proceeds of $18.7 million, or $21.5 million if the underwriters exercise their overallotment option. Proceeds will be used for general corporate purposes.

Oppenheimer & Co. Inc. and Thomas Weisel Partners LLC are the joint book-running managers. The offering is expected to close on Nov. 24. Microvision has about 77.3 million shares of outstanding stock.

Shares of Microvision fell 92 cents, or 22.4 percent to $3.19 in morning trading. The stock has traded between 77 cents and $5.75 over the last 52 weeks.