Benzinga | Mar 24, 2021 07:21AM EDT

Second Sight Medical Products Announces $27.9M Private Placement Of Common Stock; 4.65M Shares At $6/Share

Second Sight Medical Products, Inc. (NASDAQ:EYES), (the "Company" or "Second Sight"), a leading developer and marketer of implantable visual prosthetics that are intended to create an artificial form of useful vision for blind individuals, today announced that it has entered into definitive securities purchase agreements with accredited investors for a private placement that will result in gross proceeds to Second Sight of $27.9 million, before deducting placement offering expenses. Second Sight will issue 4,650,000 shares of common stock at a price of $6.00 per share. This private placement is expected to close on March 26, 2021, subject to customary closing conditions. The net proceeds from the private placement are expected to provide working capital for the Company.