Shares of MicroVision (NASDAQ: MVIS) slid by more than 10% at the time of publishing on Wednesday after the automotive lidar technology company announced a public offering worth $75 million. The company intends to use the net proceeds from the offering for general corporate purposes.
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MicroVision stated in its press release that it expects to “grant the underwriters a 30-day option to purchase up to an additional $11.25 million of its common stock at the public offering price, less the underwriting discount. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the final size or terms of the offering.”
Today’s slide in price aside, MVIS stock has surged by more than 90% in the past year.
