<SEC-DOCUMENT>0001193125-19-186062.txt : 20190916
<SEC-HEADER>0001193125-19-186062.hdr.sgml : 20190916
<ACCEPTANCE-DATETIME>20190628162555
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ACCESSION NUMBER:		0001193125-19-186062
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20190628

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MICROVISION, INC.
		CENTRAL INDEX KEY:			0000065770
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRONIC COMPONENTS, NEC [3679]
		IRS NUMBER:				911600822
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		6244 185TH AVENUE NE, SUITE 100
		CITY:			REDMOND
		STATE:			WA
		ZIP:			98052
		BUSINESS PHONE:		425-936-6847

	MAIL ADDRESS:	
		STREET 1:		6244 185TH AVENUE NE, SUITE 100
		CITY:			REDMOND
		STATE:			WA
		ZIP:			98052

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MICROVISION INC
		DATE OF NAME CHANGE:	19960724
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>MicroVision, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6244 185th Avenue NE, Suite 100 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Redmond, WA 98052 </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June&nbsp;28, 2019 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>BY EDGAR </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:1%; font-size:10pt; font-family:Times New Roman">Securities and Exchange
Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1%; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1%; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1%; font-size:10pt; font-family:Times New Roman">Washington,
D.C. 20549 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1%; font-size:10pt; font-family:Times New Roman">Attn: Eric Atallah, Kevin Kuhar </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Comment Letter Dated June&nbsp;3, 2019 </B></P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>MicroVision, Inc. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Form
<FONT STYLE="white-space:nowrap">10-K</FONT> for the Fiscal Year Ended December&nbsp;31, 2018 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Filed March&nbsp;6, 2019 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>File <FONT STYLE="white-space:nowrap">No.&nbsp;001-34170</FONT> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">MicroVision, Inc. (the
&#147;<U>Company</U>&#148;) hereby submits this response to the comment letter dated June&nbsp;3, 2019 of the staff of the Division of Corporation Finance (the &#147;<U>Staff</U>&#148;) of the Securities and Exchange Commission relating to the
Company&#146;s above-referenced Annual Report on Form <FONT STYLE="white-space:nowrap">10-K.</FONT> For your convenience, we have reproduced the Staff&#146;s comment in italics below, followed by the Company&#146;s response. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the Fiscal Year Ended December&nbsp;31, 2018 </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Exhibits </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>1.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note the discussion on page 18 within MD&amp;A of the five-year license agreement signed in May 2018 and
the contract services agreement signed in April 2017. Please tell us where you have filed these agreements or how you determined that you did not need to file them pursuant to the requirements of Item 601(b)(10) of Regulation <FONT
STYLE="white-space:nowrap">S-K.</FONT> </I></P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response to Comment 1</B>:<B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company advises the Staff that it has determined that the two agreements in question are not required to be filed under Item 601(b)(10) of Regulation <FONT
STYLE="white-space:nowrap">S-K.</FONT> As further described below, each referenced agreement is such as ordinarily accompanies the kind of business conducted by the Company and neither such agreement falls within the categories set forth in
subsections (A)&nbsp;through (D) of Item 601(b)(10)(ii). The only category that could potentially apply to the two contracts is Item 601(b)(10)(ii)(B), which requires contracts made in the ordinary course of business to be filed if the
registrant&#146;s business is substantially dependent upon them. The Company is not, however, substantially dependent on either of these agreements, and as a result the agreements are not required to be filed. </P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Division of
Corporation Finance</P></TD>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">June 28, 2019</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD></TR></TABLE>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Each of the referenced agreements ordinarily accompanies the Company&#146;s business as described in its
reports filed with the Securities and Exchange Commission. The Company&#146;s business strategy, as described in the Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations in its Annual Reports on Form <FONT
STYLE="white-space:nowrap">10-K</FONT> filed with the Securities and Exchange Commission in 2017, 2018 and 2019, has been to commercialize its scanning technology by enabling original equipment manufacturers (OEMs) and original design manufacturers
(ODMs) to produce <FONT STYLE="white-space:nowrap">end-user</FONT> products via multiple paths, including to &#147;license our LBS technology and sell key components to ODMs and OEMs to create their own scanning engines; and license LBS technology
to ODMs and OEMs &#133;&#148;. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As previously disclosed by the Company, the May 2018 license agreement is a five-year license agreement with a customer
granting the customer an exclusive license to the Company&#146;s laser beam scanning (LBS) technology for limited display-only applications. The Company would provide any related LBS components needed by the customer if it commercializes the
licensed technology. This agreement is consistent with the Company&#146;s announced business plan. As a license of the Company&#146;s technology, the May 2018 license agreement was clearly of the type that ordinarily accompanies the kind of business
conducted by the Company. Further, the Company&#146;s business is not substantially dependent on this agreement. The intellectual property licensed pursuant to the May 2018 agreement permits only a <FONT STYLE="white-space:nowrap">non-core</FONT>
use of the Company&#146;s technology (&#147;display only&#148;), and the Company does not need to provide any updated intellectual property during the duration of the agreement. While scanning engines with the Company&#146;s technology can operate
in three modes &#150; display only, display and sensing combined, and sensing only &#150; the Company is currently principally focused on the latter two categories. As a result, and given the uncertainty of the customer&#146;s ability to
commercialize products that would result in sales of the Company&#146;s components to this customer, the Company&#146;s business and prospects are not dependent in any meaningful way on the development or commercialization of the technology licensed
pursuant to this agreement.&nbsp;&nbsp;&nbsp;&nbsp; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In April 2017, the Company signed a contract with a technology company to develop an LBS display
system. Under this agreement, the Company would develop a new generation of MEMS, ASIC and related firmware for a high resolution, <FONT STYLE="white-space:nowrap">LBS-based</FONT> product that the technology company was planning to produce. As a
contract for the development and potential commercialization of products incorporating the Company&#146;s technology, in light of the Company&#146;s business strategy (as described above), this agreement is also clearly of the type that ordinarily
accompanies the kind of business conducted by the Company. It is very common for technology companies to collaborate with one another on the development and commercialization of new potential products, and indeed that has long been a key part of the
Company&#146;s business strategy, as it seeks to license its technology to other companies for incorporation into their engines or other products for projection and other potential uses. The Company&#146;s business is also not substantially
dependent on this contract. While the Company is optimistic about the potential uses of its technology and its long-standing strategy to enter into development contracts with customers, the ultimate commercial success of those arrangements depends
on the extent to which the customer decides to incorporate the Company&#146;s technology into products. Given the uncertainty regarding the customer&#146;s future use of the Company&#146;s technology in its products, and the uncertainty regarding
payments the Company could receive in the future, the Company&#146;s business is not currently dependent in any meaningful way on this contract. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-2- </P>

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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Division of
Corporation Finance</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">June 28, 2019</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD></TR></TABLE>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&nbsp;&nbsp;*&nbsp;&nbsp;* </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company acknowledges that it is responsible for the accuracy and adequacy of its disclosures, notwithstanding any review, comments, action or absence of
action by the Staff. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If you have any questions relating to the foregoing, please contact the undersigned at (425)
<FONT STYLE="white-space:nowrap">882-6625,</FONT> Joel Freedman of Ropes&nbsp;&amp; Gray LLP at (617) <FONT STYLE="white-space:nowrap">951-7309,</FONT> or Tom Fraser of Ropes&nbsp;&amp; Gray LLP at (617)
<FONT STYLE="white-space:nowrap">951-7063.</FONT> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3">Sincerely,</TD>
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<TD VALIGN="top" COLSPAN="3">MicroVision, Inc.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Stephen P. Holt</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Stephen P. Holt</TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Chief Financial Officer</TD>
<TD VALIGN="bottom">&nbsp;</TD>
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