MicroVision Raises $2M by Selling 3.04M Shares to Toronto Real-Estate Developer

July 24, 2019 |Companies

Laser-scanning display developer MicroVision raised $2 million by selling 3.04 million shares of common stock to Toronto real-estate developer Shmuel Farhi, said the company Tuesday. MicroVision will use the proceeds for general corporate purposes, it said. Farhi’s purchase price was just over 65 cents a share. The stock closed trading Tuesday unchanged at 70 cents. MicroVision faces a renewed delisting risk under a Nasdaq “delinquency notice” received June 13 after shares sold for under $1 for 30 straight trading days (see 1907190013). MicroVision had $4.6 million cash on hand at the end of Q2, said the company last week.