Microvision sets price for 11.2M stock offering

Image projection company Microvision Inc. said Friday it priced its public offering of 11.2 million common shares and warrants to buy another 6.7 million shares at $2.33 per share, a sizable discount to its closing price Thursday.

The price represents a discount of 22.3 percent to its finishing price Thursday of $3.

Microvision shares shed 58 cents, or 19 percent, to $2.42 in late morning trading Friday. The stock has traded in a 52-week range of $1.82 to $6.08, and is off about 23 percent so far this year.

The offering, scheduled to close July 23, is expected to generate $26 million, before fees. The company plans to use the money for unspecified general costs.

Microvision makes display and projection products for cars, mobile phones and wearable displays, such as for military use. It also makes bar code scanners.