MicroVision Lasers Switch for IoT Displays Delays Production; Stock Falls
MicroVision is making “significant progress” landing global tier-one customers for its display-only and interactive-display products for consumer IoT applications, said CEO Perry Mulligan on a Q2 call Thursday. The laser-scanning display developer's decision at customers’ requests to replace Class 3R…
Sign up for a free preview to unlock the rest of this article
If your job depends on informed compliance, you need International Trade Today. Delivered every business day and available any time online, only International Trade Today helps you stay current on the increasingly complex international trade regulatory environment.
lasers in display modules with Class 1 laser components will cost the supplier roughly a quarter’s delay in production, he said. "Providing a Class 1 product makes it much easier to sell the product globally and enable larger volumes.” The production delay means products won’t launch for another year, Mulligan said. This month, the company received the last $2.5 million owed under a $15 million 2017 contract to develop a laser-beam-scanning display system for a major tech customer, he said. The looming product is believed to be a head-mounted display for consumer augmented reality. The stock closed 13.3 percent lower Friday at 75 cents. Shares survived a delisting threat in February when MicroVision regained compliance with Nasdaq minimum-bid rules. It faces a renewed delisting risk under a Nasdaq “delinquency notice” received June 13 after shares sold for under $1 for 30 straight trading days, said an SEC filing Friday. The notice gave the company until Dec. 10 to bring the stock back above $1, it said.