MicroVision Inc (NASDAQ: MVIS) stock is trading lower Tuesday morning after the company announced a $140-million at-the-market equity offering.
Under the terms of the equity offering agreement, MicroVision can offer and sell shares of its common stock through Craig-Hallum Capital Group.
MicroVision said it plans to use any proceeds from the equity offering for general corporate purposes as the company continues to pursue its strategy to enhance shareholder value.
“I am proud of the progress our Company has made advancing our automotive lidar program. We look forward to more broadly promoting our technology to OEM and Tier 1 suppliers and publicly testing our sensor with external test-site partners. A strong balance sheet gives our potential customers and partners confidence that MicroVision is a capable and trusted long-term supplier,” CEO Sumit Sharma said in a statement.
MicroVision’s Latest Financial Results: On April 29, MicroVision reported a quarterly earnings loss of 4 cents per share, which missed the estimate for a loss of 2 cents per share. The company reported quarterly revenue of $500,000, which missed the estimate of $600,000.
MVIS Price Action: MicroVision has traded as high as $28 and as low as $1.23 over a 52-week period.
At last check Tuesday, the stock was down 10.53% in premarket trading at $17.50.
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