MicroVision Stock Down After $140 Mln At-the-Market Equity Offering Deal

(RTTNews) - Shares of MicroVision, Inc. (MVIS) were losing around 12 percent in the extended trading after the company said it entered into a $140 million At-the-Market or ATM equity offering agreement with Craig-Hallum Capital Group.

Under the deal, MicroVision may offer and sell shares of its common stock worth up to $140 million through Craig-Hallum, from time to time, at its discretion.

MicroVision said it intends to use the net proceeds from the ATM, if any, for general corporate purposes. These may include working capital and capital expenditures among others, as the company continues to pursue its strategy to enhance shareholder value.

MicroVision is a provider of MEMS based solid state automotive lidar and micro-display technology for augmented reality.

Sumit Sharma, MicroVision Chief Executive Officer, said, "A strong balance sheet gives our potential customers and partners confidence that MicroVision is a capable and trusted long-term supplier."

Microvision shares closed Monday's regular trading at $19.56, up 3.82%. In the after hours trading, shares were losing 11.8 percent to trade at $17.25.