Expiration date of all outstanding warrants listed for trading under the
“EYESW” symbol is extended to 5:00 p.m. New York time on March 14, 2024
Second Sight Medical Products, Inc. (NASDAQ: EYES) ("Second Sight" or
the “Company"), a developer, manufacturer and marketer of implantable
visual prosthetics that are intended to create an artificial form of
useful vision for blind individuals, today announced the completion of
its rights offering, which expired at 5:00 p.m. New York time on
February 15, 2019.
The Company has received aggregate gross proceeds from the rights
offering of approximately $34.6 million. The results of the rights
offering, including the allocation of units, shares and warrants to be
issued in the rights offering, are preliminary and subject to change
pending the expiration of the guaranteed delivery period under the
offering and finalization of subscription procedures by Broadridge
Corporate Issuer Solutions, Inc. which acted as the subscription agent
and information agent for the offering.
In accordance with the pricing structure of the rights offering
described in the prospectus supplement relating to the offering, the
Company has determined that the final subscription price is $0.724 per
unit, which is the volume weighted average price of the Company’s common
stock as calculated for the five-trading-day period through and
including February 15, 2019.
The Company has received subscriptions for a total of 45,833,333 units.
In this offering, entities controlled by Gregg Williams, Chairman of the
Board of Directors of the Company, acquired 41,436,464 units for a total
investment of approximately $30 million.
Second Sight will issue approximately 45,833,333 shares of common stock,
and 45,833,333 warrants, each to purchase an additional share of the
Company’s common stock at $1.47 per share. The expiration date of
warrants issued pursuant to the rights offering is 5:00 p.m. New York
time on March 14, 2024. The expiration date of all outstanding warrants
listed for trading under the “EYESW” symbol is extended to 5:00 p.m. New
York time on March 14, 2024. The warrants issued in the rights offering
are immediately exercisable, will be listed on the NASDAQ under the
symbol EYESW and, after March 14, 2019, can be called for redemption on
30 days’ notice if the Company’s common stock trades at $2.94 or higher
for 15 consecutive trading days.
“We are grateful to our existing shareholders for their support. The
proceeds from this offering will enable us to continue gathering safety
and efficacy data to advance the development of our proprietary Orion®
cortical visual prosthesis, and seek regulatory approval and ultimately
commercialize Argus® 2s,” said Will McGuire, President and
Chief Executive Officer of Second Sight. “This financing allows us to
progress toward our goal of making the dream of sight a reality for
blind individuals around the world by developing commercially successful
products that provide useful artificial vision,” McGuire continued.
The Company expects distribution of the shares and warrants on or about
February 22, 2019. Subscription rights that were not exercised by 5:00
p.m. New York time on February 15, 2019, have expired.
The securities described above were offered by the Company pursuant to a
shelf registration statement that was previously filed with and declared
effective by the Securities and Exchange Commission (SEC). This press
release does not constitute an offer to sell or a solicitation of an
offer to buy the securities in this offering, nor shall there be any
sale of these securities in any state or other jurisdiction in which
such offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
state or other jurisdiction. A final prospectus supplement related to
the offering was filed with the SEC and is available on the SEC’s
website located at www.sec.gov.
Copies of the final prospectus supplement and the accompanying
prospectus relating to this offering may be obtained by sending a
request to Broadridge Corporate Issuer Solutions, Inc.
About Second Sight
Second Sight Medical Products, Inc. (NASDAQ: EYES) develops,
manufactures and markets implantable visual prosthetics that are
intended to deliver useful artificial vision to blind individuals. A
recognized global leader in neuromodulation devices for blindness, the
Company is committed to developing new technologies to treat the
broadest population of sight-impaired individuals.
Second Sight’s Argus® II Retinal Prosthesis System is the
only FDA and CE Mark approved device for treating retinitis pigmentosa,
with proven implant durability of multiple years. In 2016, the Company
published five year results. Today, several Argus II devices have been
implanted and continue to be operational in humans for more than 10
years. The Company is developing the Orion® Visual Cortical
Prosthesis which is intended to provide useful artificial vision to
individuals who are blind due to various causes. The Company’s U.S.
headquarters are in Los Angeles, California and European headquarters
are in Lausanne, Switzerland. More information is available at www.secondsight.com.
This press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange and Exchange Act of 1934, as
amended, which are intended to be covered by the “safe harbor” created
by those sections. All statements in this release that are not based on
historical fact are “forward looking statements.” These statements may
be identified by words such as “estimates,” “anticipates,” “projects,”
“plans,” “goal,” or “planned,” “seeks,” “may,” “will,” “expects,”
“intends,” “believes,” “should,” and similar expressions, or the
negative versions thereof, and which also may be identified by their
context. All statements that address operating performance or events or
developments that Second Sight expects or anticipates will occur in the
future, such as stated objectives or goals, or that are not otherwise
historical facts, are forward-looking statements. While management has
based any forward-looking statements included in this release on its
current expectations, the information on which such expectations were
based may change. Forward-looking statements involve inherent risks and
uncertainties which could cause actual results to differ materially from
those in the forward-looking statements, as a result of various factors
including those risks and uncertainties described in the Risk Factors
and in Management’s Discussion and Analysis of Financial Condition and
Results of Operations sections of our Annual Report, on Form 10-K, filed
on March 20, 2018 and Form 10-Q, filed on November 8, 2018, and our
other reports filed from time to time with the Securities and Exchange
Commission. We urge you to consider those risks and uncertainties in
evaluating our forward-looking statements. We caution readers not to
place undue reliance upon any such forward-looking statements, which
speak only as of the date made. Except as otherwise required by the
federal securities laws, we disclaim any obligation or undertaking to
publicly release any updates or revisions to any forward-looking
statement contained herein (or elsewhere) to reflect any change in our
expectations with regard thereto, or any change in events, conditions,
or circumstances on which any such statement is based.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190221006042/en/