MICROVISION, INC. (NASDAQ:MVIS) Files An 8-K Termination of a Material Definitive AgreementItem 1.02. Termination of a Material Definitive Agreement.
On June 12, 2017, MicroVision, Inc. (the “Company”) delivered a notice of termination under the At-The-Market Sales Issuance Agreement dated May 1, 2017 (the “Sales Agreement”) between the Company and IFS Securities, Inc. (doing business as Brinson Patrick, a division of IFS Securities, Inc.) (“Brinson Patrick”) as sales agent. The Sales Agreement is terminable without penalty at the Company’s election. to the terms of the Sales Agreement, termination of the Sales Agreement will be effective on June 17, 2017. The Sales Agreement entitled the Company to issue and sell, from time to time, up to an aggregate of $5 million in shares of its common stock, par value $0.001 per share (the “Common Stock”), through Brinson Patrick.
Through the date hereof, the Company has sold approximately 1.7 million shares of Common Stock for an aggregate offering price of approximately $3.7 million.
As a result of the termination of the Sales Agreement, there will be no further sales of Common Stock thereunder.
About MICROVISION, INC. (NASDAQ:MVIS)
Microvision, Inc. is a developer of laser beam scanning (LBS) technology. The Company markets its technology under the brand name, PicoP. It has developed PicoP scanning technology that can be adopted by its customers to create high-resolution miniature projection, and three-dimensional sensing and image capture solutions that use laser diodes as the light source. The Company offers key components for inclusion in a scanning engine, including its Micro-Electrical Mechanical Systems (MEMS) and Application-Specific Integrated Circuits (ASICs). Its PicoP scanning technology incorporates its expertise in two-dimensional MEMS, lasers, optics and electronics to create a small form factor scanning engine with lower power needs. It licenses PicoP scanning technology to original design manufacturers (ODMs) or original equipment manufacturers (OEMs). Its technology creates a platform that can support multiple applications and markets, including enterprise, medical, industrial and automotive.
