MicroVision Completes 1-for-8 Reverse Stock Split

Tiffany Bradford

February 17th, 2012
by Tiffany Bradford

Today we completed a 1-for-8 reverse stock split of our common stock.  Trading on a post-split basis will begin February 21, 2012 at market open.  The reverse stock split was approved by MicroVision stockholders at a special meeting on February 16, 2012.  Shareholders of 94.1 million shares of MicroVision stock, which represents 69% of the total outstanding shares, voted “FOR” the proposal. Of the shares voted, approximately 83.5% voted in favor of the proposal.

An amendment to our certificate of incorporation became effective today, effecting the reverse stock split and decreasing the number of authorized shares of common stock to 100 million.  

The reverse stock split will decrease the number MicroVision common shares outstanding from approximately 136.1 million shares to approximately 17.0 million shares.  The number of shares available under the company’s equity-based plans also will be proportionately reduced.

Each eight shares of our outstanding common stock will be automatically combined into one share of common stock.  The reverse split will affect proportionately all issued and outstanding shares of MicroVision’s common stock and common stock underlying stock options, unvested stock awards and warrants outstanding as of February 17, 2012.  No fractional shares of common stock will be issued in connection with the reverse split.  Shares held by each record holder will be rounded up to the nearest whole share.

We have retained our transfer agent, American Stock Trust and Transfer Company (“AST”), to act as our exchange agent for the reverse split. 

‘Street Name’ Holders

Shareholders owning shares in “street name” via a broker or other nominee will have their positions automatically adjusted to reflect the reverse stock split, subject to brokers’ particular processes, and will not need to take any action in connection with the reverse stock split.    

Shareholders of Record and Physical Certificate Holders

MicroVision will send shareholders of record as of February 17, 2012 a letter with instructions for the exchange of their certificates.  Shareholders should not destroy any stock certificates,  but should submit certificates for exchange in accordance with the materials to be distributed by AST.

This entry was posted on Friday, February 17th, 2012 at 3:11 PM and is filed under Investor Relations.
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2 Responses to “MicroVision Completes 1-for-8 Reverse Stock Split”

  1. Mi Says:

    The company does not seem to be caring for the current investors nor planning to draw much attention for future investors except for shorts. The company, Mr. Tokman and the BODs have been making fun of the investors by letting the stock price be manipulated/hammered and not providing “actual” disclosure of the company’s stand on many topics.

    I am very sure this post will not get posted, though i thought it would be worth trying.

    Investor since 2008 and still hoping to recoupe my loses (light is getting dimmer by the day and so is the confidence).

  2. I think this reverse stock split is a big mistake. I spent a small fortune on buying shares and now you guys do this. Now I only have a small amount of shares and they are continuing to go down. Why?!! This doesnt make any sense. What a wasted investment, thanks for nothing! Carl Cloud