Microvision to sell shares to investor at $3 each

AP News
Posted: Nov 27, 2009 12:54 PM

Wearable display maker Microvision Inc. said Friday it would sell 3.3 million shares to an existing institutional investor for $3 apiece.

The company expects to net $9.3 million from the offering and close on the transaction Dec. 2.

It intends to use the proceeds from the offering for general corporate purposes and capital expenditures.

On Wednesday, Microvision said it closed on an earlier public offer of 7.7 million shares for net proceeds of about $21.5 million.

Shares in Microvision fell 16 cents, or 4.5 percent, to $3.42 in midday trading Friday.