Visual prosthetic company Second Sight Medical Products late Thursday announced a public offering of 7.5 million shares, priced at $1 per share.
The struggling Sylmar company, which announced plans to wind down operations in March, said it plans to use proceeds from the offering for a possible partnership, business combination, acquisition or investment in businesses that “may or may not be related to its current operations.”
Also, net proceeds will go to accrued expenses and working capital, the company said in its statement.
The offer is expected to close May 5.
Second Sight (EYES) currently has 15.5 million total outstanding shares. The stock closed Friday down 20 cents, or 15 percent, to $1.13 on the Nasdaq.