MVIS Stock Price: MicroVision Inc rises from the lows amid two positive developments

NASDAQ: MVIS has been making its way up from the lows amid progress in LIDAR technology.
Microvision Inc´s $10 million equity facility is also keeping shares bid.
Investors are still recovering from disappointing earnings figures reported earlier.

Yohay Elam FXStreet

Microvision, Inc.(NASDAQ: MVIS) has been on the rise, extending its recovery with an increase of 1.55% to $1.97 on Wednesday. The Redmond, Washington-based is focused on laser-scanning technology and other optic-related projects.

One of the most recent developments has been MicroVison's announcement of progress in a module related to autonomous vehicles. Its first-generation MEMS Dynamic Scanning Long-Range Lidar (LRL) sensor module remains on course to becoming reality for demonstration in April 2021. One of the key features is a range of 200 meters and tolerance to sunlight, critical for navigating roads.

Microvision CEO Sumit Sharma aims to have the company's lidar tech enable to identify a hazard from 200 meters and maneuver away from it while cruising on a highway.

Another upbeat development for the firm has been its recent equity offering. Microvision entered a $10 million offering agreement with Craig-Hallum Capital Group. The funds have been allocated at market conditions and may be used for various uses. One potential application of these funds would be for a "potential strategic transaction."

Is MicroVision for sale? Rumors about a potential acquisition by neighbor tech titan Microsoft swirled in the past, but have not come to fruition. Nevertheless, such a move could send MVIS shares soaring.

NASDAQ: MVIS news

NASDAQ: MVIS is still recovering from disappointing earnings results. It reported an adjusted diluted loss of $0.02 per share. While that met analysts' expectations, sales tanked some 46% from the previous year, indicating a slowdown. That may have led to raising money and being more open to an acquisition or a merger.

Critical support is at the post-earnings low of $1.61 while the double-top of $2.65 – recorded earlier in the autumn – is the upside target.

More WKHS Stock Price: Workhorse Group Inc has five reasons to extend its bullish surge

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Author

Yohay Elam

FXStreet

Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.

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