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Date Announced: 10 May 2012
Real estate magnate and owner of San Francisco Bulls hockey team Shmuel Farhi set to pump $5M into loss-making laser projector venture.
REDMOND, Wash.--(BUSINESS WIRE)--MicroVision, Inc. (NASDAQ:MVIS - News), a leader in innovative ultra-miniature projection display technology, today announced that private investors have agreed to invest approximately $5 million in the company. The deal is expected to be completed by May 29, 2012.
Under the terms of the agreement, the investors have agreed to purchase 3,346,048 shares of the company’s common stock at a price of $1.494 per share and warrants to purchase a total of 1 million shares of the company’s common stock at an exercise price of $2.12 per share, exercisable until three years from issuance. MicroVision would receive aggregate consideration of approximately $5 million upon closing of the investment.
The lead investor is Shmuel Farhi, a Canadian-based real estate developer and the sole owner of Farhi Holdings Corporation, which currently owns and manages over 4 million square feet of office, retail, and residential space in Canada valued at more than $500 million. Mr. Farhi is also majority owner of a new professional hockey team in California, the San Francisco Bulls.
“We are impressed with MicroVision’s highly regarded intellectual property portfolio, its licensing and ingredient brand business model, and its strong management team,” Mr. 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.”
MicroVision would be required to register the shares of its 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.
Source: MicroVision
E-mail: via web site
Web Site: www.microvision.com
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