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Why MicroVision Stock Plunged Today

TheMotleyFool

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Shares of MicroVision (NASDAQ: MVIS) have plunged today, down by 15% as of 11:10 a.m. EST, after the company announced a new at-the-market (ATM) offering. MicroVision is looking to raise $50 million by selling stock into the open market.

MicroVision is utilizing Craig-Hallum to conduct the offering, which will sell stock at its discretion at prevailing market prices or through negotiated transactions. ATM offerings are a way for companies to sell shares gradually. The lidar technology company, which also develops micro-displays, plans to use the net proceeds from the program for general corporate purposes.

Image source: MicroVision.

Source Fool.com

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