Shares of MicroVision rose almost 29%, recovering most of its losses from Wednesday, after the company withdrew its plans for a $75 million stock offering.
The stock rose 28.5% to $5.91 in premarket trading on Thursday after falling 27.8% to $4.60 on Wednesday. Through Wednesday’s close, shares were up almost 30% over the past 12 months.
The laser beam scanning technology developer said it is withdrawing its plans for the offering due to market volatility.
“We were pleased with the interest shown in the MicroVision story but given the market volatility and recent stock price performance, we intend to explore other capital-raising opportunities with a focus on shareholder value,” Chief Executive Sumit Sharma said.