MVIS - Why MicroVision Stock Surged 17% Higher on Friday
2023-06-30 18:18:45 ET
MicroVision (NASDAQ: MVIS) closed the work week in style, with its stock price rising by over 17% on Friday. That was a far better performance than the S&P 500 index's 1.2% increase. Investors reacted very strongly and positively to the company's latest news about financing.
After market hours on Thursday, MicroVision divulged that it completed an at-the-market (ATM) offering of its common stock. That came less than two weeks after the company said it has reached an ATM issuance sales agreement with brokerage Craig-Hallum Capital Group to sell up to $45 million worth of that stock.
MicroVision did not disclose exactly how much it earned in the ATM offering, but did say that as a result, it now holds roughly $95 million in cash and equivalents. At the end of March, the company held a bit less than $26.5 million in cash alone.
For further details see:
Why MicroVision Stock Surged 17% Higher on Friday