SECOND SIGHT MEDICAL PRODUCTS, INC. (NASDAQ:EYES) Files An 8-K Regulation FD Disclosure
Item 7.01
| Regulation FD Disclosure. |
On March 27, 2017, Second Sight Medical Products, Inc. issued a
press release announcing that warrants issued in connection with
its recent rights offering (the Rights Offering) have been
approved for listing on Nasdaq under the trading symbol EYESW and
that the warrants were scheduled to begin trading on Wednesday,
March 29, 2017. The press release is included as Exhibit 99.1 to
this Current Report on Form 8-K and is incorporated by reference
herein, and the description of the press release is qualified in
its entirety by reference to such Exhibit.
The press release is furnished under this Item 7.01 and shall not
be deemed filed with the U.S. Securities and Exchange Commission
for purposes of Section 18 of the Securities Exchange Act of
1934, as amended. The information contained in the press release
shall not be incorporated by reference into any filing we make
regardless of general incorporation language in the filing,
unless expressly incorporated by reference in such filing.
| Item 8.01 | Other Events. |
As previously disclosed in our Current Report on Form 8-K filed
on March 10, 2017, we announced the closing of the Rights
Offering in which we raised gross proceeds of approximately $20.1
million and net proceeds, after giving effect to related costs
and fees, of about $19.7 million.
In the Rights Offering we sold an aggregate of 13,652,341 units
consisting of 13,652,341 shares of common stock and warrants
(each a Warrant and collectively, the Warrants) to purchase
13,652,341 shares of common stock at an exercise price of $1.47.
We sold each unit at a purchase price of $1.47 (the Subscription
Price) which was the closing price of our common stock on March
6, 2017, the expiration date of the Rights Offering. The Warrants
have a term of five years and may be called for redemption for a
nominal amount of $0.01 per Warrant on 30 days notice (i) 24
months after the date of issuance, (ii) if the shares of our
common stock trade at 200%, or more, of the Subscription Price
for 15 consecutive trading days and (iii) if all of the
independent directors vote in favor of redeeming. The Warrants
expire on March 14, 2022.
As of March 14, 2017, upon completion of the Rights Offering, we
had outstanding 56,365,629 shares of common stock and 13,652,341
Warrants. The shares and the Warrants are listed for trading on
Nasdaq under symbols EYES and EYESW, respectively.
| Exhibit No. | Description |
| 99.1 | Press Release issued March 27, 2017 |
|
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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. SECOND SIGHT MEDICAL PRODUCTS, INC. (NASDAQ:EYES) Recent Trading Information
SECOND SIGHT MEDICAL PRODUCTS, INC. (NASDAQ:EYES) closed its last trading session down -0.06 at 1.21 with 829,690 shares trading hands.