MicroVision Secures $5M Investment
REDMOND, Wash., May 14, 2012 — Projection display technology company MicroVision Inc. has received a $5 million equity investment from private investors. The deal is expected to close by May 29.
The investors have agreed to purchase 3.4 million shares of MicroVision’s common stock at $1.49 a share and warrants to purchase a total of 1 million shares of the company’s common stock at an exercise price of $2.12 a share, exercisable until three years from issuance. Upon closing of the investment, MicroVision could receive aggregate consideration of $5 million.
Shmuel Farhi, a Canadian-based real estate developer and the sole owner of Farhi Holdings Corp., is the lead investor. He also is a majority owner of the San Francisco Bulls, a new professional hockey team.
“We are impressed with MicroVision’s highly regarded intellectual property portfolio, its licensing and ingredient brand business model, and its strong management team,” Farhi said. “We believe the company is well positioned to take advantage of the large, emerging pico projection market because of its patented PicoP display technology and the availability of direct green lasers.”
The company is required to register the shares of common stock sold as part of this transaction and the shares of its common stock issuable upon exercise of the warrants for resale under the Securities Act of 1933, as amended.
For more information, visit: www.microvision.com