Company: MVIS
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0001641172-25-000783
Chunk: 85

Company: MICROVISION, INC.
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1A
Chunk 85
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 Payable and Derivative Liability), the Holder elected to
immediately convert $1.8
million of outstanding principal into 2,345,068
shares of the Company’s common stock.

On
February 3, 2025, the Company entered into a Letter Agreement with the Holder related to the Note. As a result of the Letter
Agreement, the Holder agreed to convert a total of $8.8
million of outstanding principal (“remaining Initial Outstanding Principal”) into shares of the Company’s common
stock. First, on February 4, 2025, the Holder converted $2.8
million of outstanding principal into 3,685,106
shares of common stock pursuant to terms of the Note. Second, on February 20, 2025, the Holder converted $2.0
million of outstanding principal into 2,680,077
shares of common stock pursuant to terms of the Note. Last, on February 21, 2025, the Holder converted $4.0
million of outstanding principal into 5,360,154
shares of common stock pursuant to terms of the Note, thereby converting the entirety of the remaining Initial Outstanding
Principal.

Additionally,
as a result of the Letter Agreement, the Holder agreed to defer $11.6 million of principal repayments to 7 monthly payments of $1.7 million
beginning on September 1, 2025 and concluding on March 1, 2026. As of the date of these financial statements are available to be issued,
maturities of partial repayments as a result of the Letter Agreement are as follows:

SCHEDULE
OF MATURITIES PARTIAL REPAYMENTS 

    (in thousands) 

    Years Ended December 31, 
    Maturities 
  
    2025 
    $22,000 
  
    2026 
     14,025 
  
    Total partial repayments 
    $36,025 

On
February 3, 2025, the Company entered into a new Securities Purchase Agreement (the “2025 Purchase Agreement”) with the Holder.
In exchange for $8.0 million, the Holder agreed to purchase up to 5,750,225 shares of common stock and warrants to purchase up to 5,750,225
shares of common stock at an exercise price of $1.57 per share. On February 4, 2025, the 2025 Purchase Agreement closed for net proceeds