Such transaction on the capital of Second Sight is explicitly prohibited under the terms of the memorandum of understanding entered into by the companies on January 5, 2021, as it is not carried out in the context of the business combination between Pixium and Second Sight.
Therefore, Second Sight had requested the prior consent of Pixium over the past few days. Pursuant to the unanimous decision of its board of directors, Pixium notified Second Sight on March 23, 2021, of its refusal. Pixium's board of directors considered that such private placement might, due to regulatory constraints and the market risks associated, jeopardize the likeliness of the closing of the $25 million capital increase contemplated in the memorandum of understanding and consequently of the business combination1.
In this context, Pixium has requested from Second Sight communication of the terms and conditions of the private placement in order to assess all the options available, including studying alternative financing solutions on which the company had been working on prior to entering into the memorandum of understanding with Second Sight, and will inform the market as soon as possible of the actions and decisions it intends to take in the best interest of patients and its shareholders.
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