MVIS - Why MicroVision Stock Is Skyrocketing Today
2023-06-15 11:06:40 ET
Shares of MicroVision (NASDAQ: MVIS) are soaring in Thursday's trading. The machine-vision specialist's stock was up 14.1% at 10:30 a.m. ET, according to data from S&P Global Market Intelligence .
MicroVision announced on Wednesday evening that it was canceling its plans for a new stock offering. With the threat of significant stock dilution now removed, investors are pouring back into the stock.
On June 13, MicroVision announced plans to offer at least $75 million in new stock with the potential to sell an additional $11.25 million stock within 30 days of the first offering. Following the announcement, the company's share price plummeted. Rather than risk continued valuation declines, it seems the machine-vision specialist will pursue other fundraising avenues.
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Why MicroVision Stock Is Skyrocketing Today