The maker of visual prosthetic implants for blind individuals announced in March that it was winding down its operations amid the financial shock of the COVID-19 pandemic. At the time, the company said it would lay off 84 of its 108 employees and will retain an adviser experienced in winding down operations to guide the board on the next steps. Company officials expected additional layoffs.
Earlier this week, Second Sight said it took steps to reduce overhead and conserve liquidity ahead of potential partnering, acquiring, or combining with businesses, just days before pricing this new public offering.
The offering includes 7.5 million shares of the company’s common stock at $1 per share to total the $7.5 million, which Second Sight intends to use for accrued expenses, working capital and general corporate purposes. Those expenditures may include partnerships, business combinations, acquisitions or investments, according to a news release.
Second Sight expects the offering to close on May 5, subject to closing conditions. Fordham Financial Management’s ThinkEquity division is acting as a representative of the underwriters in the offering.