SECOND SIGHT MEDICAL PRODUCTS, INC. (NASDAQ:EYES) Files An 8-K Material Modification to Rights of Security Holders
Item 3.03 Material Modification to Rights of Security Holders

The information disclosed in Item 3.03 of this Current Report on Form 8-K is incorporated by reference into this Item 3.03.

Item 3.03 Other Events

Completion of Rights Offering

Second Sight Medical Products, Inc. (the“Company”) completed a previously announced rights offering to the Company’s shareholders (“Rights Offering”) that expired at 5:00 p.m. New York time on February 15, 2019 (the “Expiration Date”). Subscription rights that were not exercised by the Expiration Date have expired and are no longer exercisable.

In the Rights Offering the Company sold approximately 47.8 million units, each priced at $0.724 for gross proceeds of approximately $34.6 million. Each unit consisted of one share and one immediately exercisable warrant having a strike price of $1.47 per share. Entities controlled by Gregg Williams, Chairman of the Board of Directors of the Company, acquired approximately 41.4 million units in the offering for an aggregate investment of approximately $30 million.

The warrants being issued in the Rights Offering are identical in terms to those previously issued by the Company as a part of a rights offering to shareholders completed in March 2017, have the same CUSIP and are listed for trading on Nasdaq under the “EYESW” trading symbol.The expiration date of warrants being issued to the Rights Offering is 5:00 p.m. New York time on March 14, 2024, and the expiration date of all outstanding warrants listed for trading under the “EYESW” symbol is extended to 5:00 p.m. New York time on March 14, 2024.

Subject to the distribution of the final number of shares and warrants on or about February 22, 2019, the Company expects to have had issued and outstanding (i) 124,197,961 shares of common stock, and (ii) and 62,261,657 warrants as of February 21, 2019.

Press Release and amendment to warrant agreement

On February 21, 2019, Company issued a press release entitled “Second Sight Medical Products, Inc. Announces Completion of Rights Offering”. A copy of the press release is filed as Exhibit 99.1 and is incorporated herein by reference.Subject to the terms of the Rights Offering the Company has agreed to amend the Warrant Agreement, to provide an additional term of two years, the form of which amendment is filed as Exhibit 99.2 and incorporated herein by reference.

(d) Exhibits

SECOND SIGHT MEDICAL PRODUCTS INC Exhibit
EX-99.1 2 eyes-ex991_7.htm EX-99.1 eyes-ex991_7.htm Exhibit 99.1   FOR IMMEDIATE RELEASE   Second Sight Medical Products,…
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About SECOND SIGHT MEDICAL PRODUCTS, INC. (NASDAQ:EYES)

Second Sight Medical Products, Inc. is engaged in developing, manufacturing and marketing prosthetic devices that restore vision to blind individuals. The Company’s product, the Argus II System, treats outer retinal degenerations, such as retinitis pigmentosa (RP). The Argus II System provides an artificial form of vision that differs from the vision of people with normal sight. It does not restore normal vision and it does not slow or reverse the progression of the disease. The Company’s Argus II System employs electrical stimulation to bypass degenerated photoreceptor cells and to stimulate remaining viable retinal cells thereby inducing visual perception in blind individuals. The Argus II System works by converting video images captured by a miniature camera housed in a patient’s glasses into a series of small electrical pulses that are transmitted wirelessly to an array of electrodes that are implanted on the surface of the retina.