Company: MVIS
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001641172-25-009765
Chunk: 152

Company: MICROVISION, INC.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 1
Chunk 152
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12.
COMMON STOCK

In
March 2024, the Company entered into a $150 million ATM equity offering agreement with Deutsche Bank Securities, Inc., Mizuho Securities
USA LLC, and Craig-Hallum Capital Group LLC (collectively, the “Agents”). Under the agreement, the Company is able, with
discretion, to offer and sell shares of common stock having an aggregate value of up to $150.0 million through or directly to the Agents.
As of March 31, 2025, the sale of 23.5 million shares for net proceeds of $35.0 million had been completed. As of March 31, 2025, approximately
$113.4 million is available under this sales agreement, subject to authorized shares available for sale.

13.
INCOME TAXES

The
Company recognized income tax expense of $0.1 million and $0.2 million during the three months ended March 31, 2025 and 2024, respectively.

As
of March 31, 2025, the Company continues to have no unrecognized tax positions.

14.
RESTRUCTURING CHARGES

In
the first quarter of 2024, to better align the Company’s resources to support business needs, the Company reduced the global workforce
by approximately 18%. The Company recognized approximately $2.5
million in restructuring and related reorganization
charges during the three months ended March 31, 2024, which is recorded within research and development expense and sales, marketing,
general and administrative expense on the condensed consolidated statements of operations. The charges were predominately related to
employee severance and benefit costs. There were no
restructuring charges during the three months
ended March 31, 2025.

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ITEM
2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Forward-looking
statements

The
information set forth in this report in Item 2, “Management’s Discussion and Analysis of Financial Condition and Results
of Operations,” and Item 3, “Quantitative and Qualitative Disclosures about Market Risk,” includes “Forward-Looking
Statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and
Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and is subject to the safe harbor created
by those