What's Driving MicroVision Stock Lower Wednesday?

Shares of lidar company MicroVision Inc MVIS are moving lower Wednesday on the heels of a proposed public offering.

What Happened: MicroVision announced plans to offer and sell shares of its common stock in an underwritten $75 million public offering. The company expects to grant the underwriters an option to purchase up to an additional $11.25 million in common stock at the public offering price.

MicroVision said it plans to use the net proceeds from the offering for general corporate purposes.

Microvision shares are up more than 120% over the last month. The stock traded up 3.75% on high volume Tuesday. MVIS traded as high as $8 per share this month before pulling back.

MicroVision has high short interest, which could be a contributing factor to its outsized move in recent weeks. 27.07% of the float is currently sold short, per Benzinga Pro.

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MVIS Price Action: MicroVision shares were down 110.5% at $5.70 at the time of writing, according to Benzinga Pro.

Photo: courtesy of MicroVision.