Why Microvision Stock Is Tanking Today

Shares of Microvision (NASDAQ: MVIS) are falling today after the company announced a $140 million at-the-market equity offering yesterday. The company -- which makes microdisplays, lidar sensors, and laser beam technology -- said in a press release that the offering means "MicroVision may, from time to time, at its discretion offer and sell shares of its common stock having an aggregate value of up to $140 million" and that it may use the money for working capital or capital expenditures. "A strong balance sheet gives our potential customers and partners confidence that MicroVision is a capable and trusted long-term supplier," CEO Sumit Sharma said in the press release.