Transaction Information
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 $17 million in new capital and reducing future cash obligations stemming from its $75 million senior secured convertible note facility with High Trail Capital.
In connection with the $45 million senior secured convertible note issued by the Company on October 23, 2024, cash payments totaling approximately $9.6 million that would have been payable during the period from March 1, 2025, through May 1, 2025, will be converted into approximately 11.7 million shares of the Company’s common stock. In addition, pursuant to an agreement dated February 3, 2025, the note holder has agreed to defer payments due from June 1, 2025 to August 1, 2025, instead ratably allocating such payments to the payments due from September 1, 2025 through March 1, 2026. The Company and the note holder entered into a securities purchase agreement dated February 3, 2025 pursuant to which the Company issued approximately $8 million of shares of the Company’s common stock to the holder at a 12.5% discount to the market price and warrants to purchase up to an additional $9 million of common stock at an exercise price per share of $1.57, which warrants expire five years from the initial exercise date.
WestPark Capital, Inc. and D. Boral Capital LLC acted as co-lead agents for the transaction.
About MicroVision, Inc.
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.
About D. Boral Capital
D. Boral Capital LLC is a premier, relationship-driven global investment bank headquartered in New York. The firm is dedicated to delivering exceptional strategic advisory and tailored financial solutions to middle-market and emerging growth companies. With a proven track record, D. Boral Capital provides expert guidance to clients across diverse sectors worldwide, leveraging access to capital from key markets, including the United States, Asia, Europe, the UAE, and Latin America.
A recognized leader on Wall Street, D. Boral Capital has successfully aggregated over $23 billion in capital since its inception in 2020, executing approximately 300 transactions across a broad range of investment banking products.