NEW YORK (
(MVIS - Get Report)
, a specialist in ultra-mini projection display technology, was surging Wednesday after it reached a development deal with a prominent global electronics company.
MicroVision shares were popping 29% to $2.06 in midday trading.
The company said it agreed to allow a Fortune Global 100 electronics giant to incorporate MicroVision's PicoP display technology into a display engine that could lead to the creation and launch of a variety of new commercial products.
Under the deal, MicroVision will help the original equipment manufacturer develop its display engine based on the patented PicoP display technology and receive from it $4.6 million in development fees over the next 13 months.
"We believe this agreement, a milestone advancement of our "Image by PicoP" licensing business model, helps build our pipeline for potential significant future revenue," Alexander Tokman, president and CEO of MicroVision, said in a statement.
Names and other details of the contract are being kept confidential at the request of MicroVision's customer, the company said.
Written by Andrea Tse in New York
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