MicroVision Transferring Display Component Production to Tech Customer

MicroVision is transferring component production to the tech customer with which it signed a $15 million contract in April 2017 to develop a laser-beam-scanning display system (see 1904180001), it said Tuesday. The new arrangement allows MicroVision “to enjoy the upside if the customer’s product experiences much higher volumes in the future, while allowing for a lower cost structure and reducing our expected working capital requirements in 2020,” said the company. MicroVision described the customer as a global technology leader planning to use the display to develop a consumer augmented reality product. MicroVision stock has battled Nasdaq delistings for low prices. Shares closed 1.4% lower at 17 cents.