Rights Offering Prospectus Supplement January 2019

Jan 8, 2019

Additional Information

Second Sight is commencing a rights offering to raise $40 million. The Company plans to use the proceeds from the rights offering to: (i) continue gathering clinical and performance data to support safety and efficacy of Orion®; (ii) complete ongoing development of Argus® 2s, the Company’s next-generation externals and seek regulatory approvals; (iii) advance research in areas such as eye-tracking and object recognition; and (iv) for other operating and general corporate purposes. 

Under the proposed rights offering:

Holders of our common stock on January 15, 2019, the record date, will be able to participate in the rights offering;

Shareholders will be entitled to invest $0.53 per share of common stock held on the record date towards purchase of units; each unit will consist of one share of common stock and one warrant to purchase one share of common stock at a strike price of $1.47;

The subscription price will equal the lower of (i) $0.98, or (ii) the volume weighted average price of our common stock for the five trading day period through and including the Expiration Date, February 15, 2019 per unit;

Shareholders who fully exercise their basic subscription rights will be entitled, if available, to subscribe for additional units that are not purchased by other shareholders, on a pro rata basis and subject to ownership limitations, and on terms set forth in our prospectus supplement; and

Rights must be exercised and funds received by February 15, 2019 and closing is expected in late February and if not then exercised will expire having no value.