MicroVision Stock Is Surging Thursday: What's Going On?

MicroVision Inc MVIS shares are trading higher Thursday after the company withdrew its proposed public offering of common stock.

What Happened: Earlier this week, MicroVision announced plans to offer and sell shares of its common stock in an underwritten $75 million public offering with shares up more than 100% over the last month.

Late Wednesday, the company said it would withdraw the proposed offering due to market volatility. 

"In the interest of achieving the best value for our shareholders, we have decided to withdraw our previously announced public offering of common stock," said Sumit Sharma, CEO of MicroVision.

"We were pleased with the interest shown in the MicroVision story but given the market volatility and recent stock price performance, we intend to explore other capital raising opportunities with a focus on shareholder value."

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MVIS Price Action: MicroVision shares were up 19.6% at $5.49 Thursday morning, according to Benzinga Pro.

Photo: courtesy of MicroVision.