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MicroVision Announces $6.6 Million Offering Of Common Stock And Warrants

MicroVision, Inc. (Nasdaq: MVIS), a leader in innovative ultra-miniature laser display technology, today announced that it has completed the sale of 3,492,000 shares of common stock and warrants to acquire up to an aggregate of 2,095,200 shares of common stock to Crede CG III, Ltd. ("Crede") and other investors for gross proceeds of approximately $6.6 million in a registered direct offering.

The price per share was determined by the closing bid price on September 18, 2013 as reported on the Nasdaq stock exchange. The warrants are exercisable at a price of $2.444 per share. Under certain circumstances, in the event that MicroVision's common stock trades at a price that is 25% or more above the exercise price of the warrants for a period of 20 consecutive days (with an average daily volume equal to or greater than $300,000), the company may, subject to limitations in the warrants, require the holder of the warrants to exercise the warrants for cash. If the common stock is then trading at a price at or lower than the warrant exercise price, the warrants are also exchangeable for a number of shares of MicroVision's common stock determined by a formula described in a Current Report on Form 8-K filed today with the Securities and Exchange Commission, but not more than the number of shares for which the warrant could be exercised for cash. As part of the sale, MicroVision paid an investment fee to Crede, which reduced its aggregate investment.

The company retained Dawson James Securities, Inc. as placement agent for a portion of the offering.

MicroVision intends to use the net proceeds of the offering to fund the continued development and commercialization of its PicoP® display technology under its ingredient brand licensing strategy.

More information regarding the terms of the sale and the terms of the warrants is included in a Current Report on Form 8-K filed today with the Securities and Exchange Commission.

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