Business
Second Sight Medical Products Announces $27.9 Million Private Placement of Common Stock
LOS ANGELES--(BUSINESS WIRE)-- Second Sight Medical Products, Inc. (NASDAQ: EYES), (the "Company" or "Second Sight"), a leading developer and marketer of
About this update from Vivani Medical, Inc.
[{"type":"text","content":" LOS ANGELES--(BUSINESS WIRE)--\nSecond Sight Medical Products, Inc. (NASDAQ: EYES), (the \"Company\" or \"Second Sight\"), a leading developer and marketer of implantable visual prosthetics that are intended to create an artificial form of useful vision for blind individuals, today announced that it has entered into definitive securities purchase agreements with accredited investors for a private placement that will result in gross proceeds to Second Sight of $27.9 million, before deducting placement offering expenses. Second Sight will issue 4,650,000 shares of common stock at a price of $6.00 per share. This private placement is expected to close on March 26, 2021, subject to customary closing conditions. The net proceeds from the private placement are expected to provide working capital for the Company.\n\nThe securities offered and sold by Second Sight in the private placement have not been registered under the Securities Act of 1933, as amended (the \"Securities Act\"), or state securities laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission (the \"SEC\") or an applicable exemption from such registration requirements. Second Sight has agreed to file a registration statement with the SEC covering the resale of the shares of common stock to be issued in the private placement. Any resale of Second Sight's shares under such resale registration statement will be made only by means of a prospectus.\n\nAlso on March 24, 2021, Second Sight filed a Current Report on Form 8-K providing an update on its previously announced proposed transaction with Pixium Vision. The Form 8-K is available on the SEC’s website at www.sec.gov.\n\nAbout Second Sight Medical Products Inc.\nSecond Sight Medical Products, Inc. (NASDAQ:EYES) develops 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. The Company’s headquarters are in Los Angeles, California. More information is available at https://secondsight.com.\n\nNon-Solicitation\nThis press release does not constitute a solicitation of a proxy, consent or authorization with respect...