Second Sight Medical (NASDAQ:EYES) sets 5:00 pm ET February 10 as the record date for its upcoming offering of non-transferable subscription rights to purchase units, each comprised of one share of common stock and one five-year warrant to purchase an additional share of common.
The company will distribute one subscription right for each share of common stock held on the record date. Each right will entitle the holder to invest $0.47 toward the purchase of units. Each unit will be priced at the lesser of $2 or the closing price of its common stock on March 6.
The subscription rights will expire at 5:00 pm ET on March 6 if not exercised, unless extended by the company.
Net proceeds will fund the ongoing development of Argus II to improve its performance and market expansion.