Wednesday, May 23, 2012

MicroVision Gets $5M In PIPE, Nasdaq Warning

Redmond-based projection display technology developer MicroVision reports today that it has received approximately $5M in a sale of its stock to private investors. The deal had previously been announced on May 10th. In addition, MicroVision reported that it has received a warning from the Nasdaq Stock Market that it is not in compliance with a $50,000,000 minimum market value requirement on the exchange; Microvision says it has 180 calendar days to regain compliance with the requirement. The company explained that it will "aggressively execute" on its plans to "significantly reduce" expenses at the firm, and gain more customers for its technology.