MicroVision Bolsters Financial Position with Debt Reduction and up to $17 Million in New Capital
MicroVision (NASDAQ:MVIS) has announced significant financial restructuring, securing up to $17 million in new capital while reducing its debt obligations. The company has decreased its debt by $12.25 million in principal, representing over 27% reduction of its convertible note.
The restructuring includes converting approximately $9.6 million in cash payments into roughly 11.7 million shares of common stock, and deferring payments due from June to August 2025. The company issued about $8 million in shares at a 12.5% market discount and warrants for an additional $9 million with a $1.57 exercise price.
MicroVision reports being engaged in seven high-volume RFQs with global automotive OEMs and expects significant recurring revenues from industrial customers starting in 2025. The company has increased production capacity to support high-volume orders from industrial customers and continues to advance partnerships with automotive OEMs.
MicroVision (NASDAQ:MVIS) ha annunciato una significativa ristrutturazione finanziaria, garantendo fino a 17 milioni di dollari in nuovo capitale mentre riduce i propri obblighi di debito. L'azienda ha ridotto il proprio debito di 12,25 milioni di dollari in capitale, rappresentando oltre il 27% di riduzione del proprio prestito convertibile.
La ristrutturazione include la conversione di circa 9,6 milioni di dollari in pagamenti in contanti in circa 11,7 milioni di azioni ordinarie, e il rinvio dei pagamenti dovuti da giugno ad agosto 2025. L'azienda ha emesso circa 8 milioni di dollari in azioni con uno sconto di mercato del 12,5% e opzioni per ulteriori 9 milioni di dollari a un prezzo di esercizio di 1,57 dollari.
MicroVision riporta di essere impegnata in sette RFQ ad alto volume con OEM automobilistici globali e si aspetta redditi ricorrenti significativi da clienti industriali a partire dal 2025. L'azienda ha aumentato la capacità produttiva per supportare ordini ad alto volume da clienti industriali e continua a perseguire partnership con OEM automobilistici.
MicroVision (NASDAQ:MVIS) ha anunciado una reestructuración financiera significativa, asegurando hasta 17 millones de dólares en nuevo capital mientras reduce sus obligaciones de deuda. La compañía ha disminuido su deuda en 12,25 millones de dólares en principal, lo que representa más del 27% de reducción de su nota convertible.
La reestructuración incluye la conversión de aproximadamente 9,6 millones de dólares en pagos en efectivo en alrededor de 11,7 millones de acciones ordinarias, y el aplazamiento de los pagos que debían realizarse de junio a agosto de 2025. La compañía emitió unos 8 millones de dólares en acciones con un descuento del mercado del 12,5% y opciones por un adicional de 9 millones de dólares con un precio de ejercicio de 1,57 dólares.
MicroVision informa que está involucrada en siete RFQ de alto volumen con OEM automotrices globales y espera ingresos recurrentes significativos de clientes industriales a partir de 2025. La compañía ha aumentado su capacidad de producción para respaldar pedidos de alto volumen de clientes industriales y continúa avanzando en asociaciones con OEM automotrices.
마이크로비전 (NASDAQ:MVIS)은 1700만 달러의 신규 자본을 확보하면서 재정 구조조정을 발표하였고, 동시에 채무 의무를 감소시켰습니다. 이 회사는 전환 사채의 27% 이상을 차지하는 1225만 달러의 원금을 줄였습니다.
재구성에는 약 960만 달러의 현금 지급을 약 1170만 주의 보통주로 전환하고, 2025년 6월에서 8월로 지급 기한을 연기하는 것이 포함됩니다. 이 회사는 시장에서 12.5% 할인된 가격으로 약 800만 달러 규모의 주식을 발행했으며, 157달러의 행사 가격으로 추가적으로 900만 달러 규모의 워런트를 발행했습니다.
마이크로비전은 글로벌 자동차 OEM과 7건의 대량 RFQ에 참여하고 있으며, 2025년부터 산업 고객으로부터 상당한 반복 수익을 예상하고 있습니다. 이 회사는 산업 고객의 대량 주문을 지원하기 위해 생산 능력을 증가시켰으며, 자동차 OEM과의 파트너십을 계속해서 발전시키고 있습니다.
MicroVision (NASDAQ:MVIS) a annoncé une restructuration financière significative, garantissant jusqu'à 17 millions de dollars de nouveau capital tout en réduisant ses obligations de dette. La société a réduit sa dette de 12,25 millions de dollars de principal, ce qui représente plus de 27% de réduction de son billet convertible.
La restructuration comprend la conversion d'environ 9,6 millions de dollars de paiements en espèces en environ 11,7 millions d'actions ordinaires, ainsi que le report des paiements dus de juin à août 2025. L'entreprise a émis environ 8 millions de dollars d'actions avec une remise de marché de 12,5 % et des bons de souscription pour un montant supplémentaire de 9 millions de dollars avec un prix d'exercice de 1,57 dollar.
MicroVision rapporte être engagée dans sept RFQ à fort volume avec des OEM automobiles mondiaux et s'attend à des revenus récurrents significatifs de la part de clients industriels à partir de 2025. L'entreprise a augmenté sa capacité de production pour soutenir des commandes à fort volume de clients industriels et continue de faire avancer les partenariats avec les OEM automobiles.
MicroVision (NASDAQ:MVIS) hat eine bedeutende finanzielle Umstrukturierung angekündigt, bei der bis zu 17 Millionen Dollar an frischem Kapital gesichert wurden, während die Schuldenverpflichtungen reduziert wurden. Das Unternehmen hat seine Schulden um 12,25 Millionen Dollar an Hauptschulden gesenkt, was über 27% der reduzierte convertible note entspricht.
Die Umstrukturierung umfasst die Umwandlung von etwa 9,6 Millionen Dollar an Barzahlungen in rund 11,7 Millionen Stammaktien und die Verschiebung von Zahlungen, die von Juni auf August 2025 fällig sind. Das Unternehmen hat etwa 8 Millionen Dollar an Aktien mit einem Marktrabatt von 12,5% ausgegeben und zusätzlich Optionen im Wert von 9 Millionen Dollar mit einem Ausübungspreis von 1,57 Dollar ausgegeben.
MicroVision berichtet, dass das Unternehmen in sieben hochvolumige RFQs mit globalen Automobil-OEMs involviert ist und ab 2025 mit erheblichen wiederkehrenden Einnahmen von Industriekunden rechnet. Das Unternehmen hat die Produktionskapazität erhöht, um große Bestellungen von Industriekunden zu unterstützen und setzt die Partnerschaften mit Automobil-OEMs fort.
- Secured up to $17 million in new capital
- Reduced debt obligations by $12.25 million (27% of convertible note)
- Engaged in seven high-volume RFQs with automotive OEMs
- Increased production capacity for high-volume industrial orders
- Dilution of shareholder value through conversion of $9.6M debt to 11.7M common shares
- Additional dilution from $8M share issuance at 12.5% market discount
- Deferred debt payments indicating potential cash flow challenges
Insights
The financial restructuring announced by MicroVision represents a strategic move to strengthen its balance sheet, though with notable implications for shareholders. The $12.25M reduction in debt obligations (27% of the convertible note) significantly improves the company's debt profile, while the conversion of $9.6M in cash payments to approximately 11.7M shares helps preserve cash resources.
The financing structure reveals careful cash flow management:
- The deferral of payments from June to August 2025 to be distributed across September 2025 through March 2026 provides near-term breathing room
- The $8M share issuance at a 12.5% discount represents a reasonable premium given market conditions
- The $9M in warrants with a $1.57 strike price provides potential additional funding while aligning investor interests with share price appreciation
While the equity dilution is significant, the restructuring strengthens MicroVision's negotiating position with potential industrial and automotive partners. The improved balance sheet and extended runway could be important for securing and executing the seven high-volume RFQs mentioned, particularly in the capital-intensive automotive sector. The company's focus on industrial revenue opportunities in 2025 while maintaining automotive development suggests a pragmatic dual-track strategy to bridge the gap until automotive revenues materialize.
REDMOND, WA / ACCESS Newswire / February 3, 2025 / MicroVision, Inc. (NASDAQ:MVIS), a leader in MEMS-based solid-state automotive lidar and ADAS solutions, today announced that it has bolstered its financial position by entering into an agreement to raise up to
"Strengthening our financial position through this infusion of new capital and reduction of debt buoys our efforts to advance and secure revenue opportunities with several industrial customers in the heavy equipment segment. As announced last month, we have increased production capacity with our manufacturing partner to support high-volume orders from industrial customers in 2025 and beyond," said Sumit Sharma, Chief Executive Officer. "At this exciting time for MicroVision, we continue to work to secure multiple partnerships with industrial customers, as well as advance our partnerships with automotive OEMs, with RFQs in flight and new RFQs expected in 2025. We appreciate High Trail's partnership at this pivotal time."
Continued Sharma, "With our MAVIN and MOVIA S products, we remain actively engaged with global automotive OEMs in seven high-volume RFQs and custom development explorations for future passenger vehicle programs. With the size, power, and specifications of our lidar, combined with our integrated perception software, I believe we remain the solution frontrunner with automotive OEMs. Given automotive OEMs' latest start-of-production timelines, the opportunity to ramp up significant recurring revenues in 2025 with our industrial customers puts MicroVision in the best position in the market. We remain the only multifaceted company with potential for significant revenues from the industrial segment starting in 2025 and much higher automotive revenues expected in the coming years."
"With the announcement of this transaction, our overall debt obligation has now been reduced by
WestPark Capital, Inc. and D. Boral Capital LLC acted as co-lead agents for the transaction.
Key Terms of the Transactions
In connection with the
Disclosures
This press release shall not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of any securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
Additional information, including the full terms of the financing transaction, is available in the Current Report on Form 8-K filed by MicroVision with the U.S. Securities and Exchange Commission.
About MicroVision
With offices in the U.S. and Germany, MicroVision is a pioneering company in MEMS-based laser beam scanning technology that integrates MEMS, lasers, optics, hardware, algorithms and machine learning software into its proprietary technology to address existing and emerging markets. The Company's integrated approach uses its proprietary technology to provide automotive lidar sensors and solutions for advanced driver-assistance systems (ADAS) and for non-automotive applications including industrial, smart infrastructure and robotics. The Company has been leveraging its experience building augmented reality micro-display engines, interactive display modules, and consumer lidar modules.
For more information, visit the Company's website at www.microvision.com, on Facebook at www.facebook.com/microvisioninc, and LinkedIn at https://www.linkedin.com/company/microvision/.
MicroVision, MAVIN, MOSAIK, and MOVIA are trademarks of MicroVision, Inc. in the United States and other countries. All other trademarks are the properties of their respective owners.
Forward-Looking Statements
Certain statements contained in this release, including expected benefits and closing of financing transactions; customer engagement and the likelihood of success; opportunities for revenue and cash; market position; product volumes, performance and capabilities; and expected revenue, expenses and cash usage are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those projected in such forward-looking statements include the risk its ability to operate with limited cash or to raise additional capital when needed; market acceptance of its technologies and products or for products incorporating its technologies; the failure of its commercial partners to perform as expected under its agreements; its financial and technical resources relative to those of its competitors; its ability to keep up with rapid technological change; government regulation of its technologies; its ability to enforce its intellectual property rights and protect its proprietary technologies; the ability to obtain customers and develop partnership opportunities; the timing of commercial product launches and delays in product development; the ability to achieve key technical milestones in key products; dependence on third parties to develop, manufacture, sell and market its products; potential product liability claims; its ability to maintain its listing on The Nasdaq Stock Market, and other risk factors identified from time to time in the Company's SEC reports, including the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other reports filed with the SEC. These factors are not intended to represent a complete list of the general or specific factors that may affect the Company. It should be recognized that other factors, including general economic factors and business strategies, may be significant, now or in the future, and the factors set forth in this release may affect the Company to a greater extent than indicated. Except as expressly required by federal securities laws, the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changes in circumstances or any other reason.
Investor Relations Contact
Jeff Christensen
Darrow Associates Investor Relations
703-297-6917
jchristensen@darrowir.com
MVIS@darrowir.com
Media Contact
SOURCE: MicroVision, Inc.
View the original press release on ACCESS Newswire
FAQ
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