MicroVision Inc. reported Tuesday that it closed a $43 million senior secured convertible note financing designed to defer prior debt obligations and strengthen its balance sheet. The stock reacted modestly, trading up 3.8% on the announcement.
The transaction restructured an existing senior secured convertible note originally due in 2026, exchanging it for an approximately $20.6 million new note that matures in March 2028. In addition, MicroVision issued and sold an approximately $22.4 million senior secured convertible note also due March 1, 2028. The company completed the financing with High Trail Capital on February 23, 2026.
Both notes carry a zero coupon, mature on March 1, 2028, and are redeemable either in cash or, subject to certain conditions, in shares of MicroVision common stock. WestPark Capital, Inc. acted as the exclusive placement agent for the transaction.
"We were pleased to work with our financial partner, High Trail Capital, to secure new capital and defer existing debt repayment requirements, both of which strengthen our financial position at this pivotal time for the Company," said Glen DeVos, MicroVision's Chief Executive Officer.
The company stated the improved financial position will support the integration of assets and operations recently acquired from Luminar Technologies and Scantinel Photonics. Management indicated that the capital will help accelerate the realization of benefits expected from those acquisitions as MicroVision pursues production capacity and works to ramp product deliveries.
MicroVision develops advanced perception solutions for autonomy and mobility applications. The refinancing pushes the companys debt maturity profile out to 2028 while leaving conversion features and redemption mechanisms in place under specified conditions.
Key points
- MicroVision completed a $43 million senior secured convertible note deal with High Trail Capital to defer prior debt and bolster liquidity - impacting the company's financial and capital structure.
- The financing replaces a note due in 2026 with roughly $20.6 million due March 2028 and adds about $22.4 million of new notes also due March 1, 2028.
- Proceeds are intended to support integration and operational steps following acquisitions from Luminar Technologies and Scantinel Photonics, relevant to autonomy and mobility technology development.
Risks and uncertainties
- The refinancing relies on convertible notes that include conversion and redemption conditions, which could affect equity dilution or cash obligations depending on how those provisions are executed - a factor for shareholders and credit markets.
- Successfully realizing benefits from the Luminar and Scantinel acquisitions depends on execution of integration and production plans; delays or integration challenges could limit the intended financial and operational uplift.