Second Sight Medical Products Inc (EYES) is a developer and manufacturer of implantable prosthetic devices that can provide vision for some patients blinded by outer retinal degenerations ie. Retinitis Pigmentosa. Shares of EYES have been falling almost since it went public in 2014. It fell from the then high of 24 to a record low of 1.32 just a couple of weeks ago.During the 2/7 session, shares of EYES opened at 1.55 and closed at 2.76 (78%). This tremendous rally was accompanied by very strong volume. EYES Daily Chart 2/8(click to enlarge)Bullish Reversal?- The daily chart shows the 2/7 session rally. - Note that the push has cleared a couple of recent resistance pivots. - Price is also cracking a falling trendline.- The combination of strong volume and the resistance breakout suggests that the market might have initiated a bullish reversal for 2017.It should be noted that EYES announced the record date for its upcoming rights offering (Feb. 10, 2017 5 PM ET). Here is information on the offering from Business Wire. Under the rights offering, the Company will distribute one non-transferable subscription right for each share of common stock held on the record date. Each right will entitle the holder to invest $0.47 toward the purchase of units, each such unit, composed of one share of common stock and a warrant to purchase common stock, at a subscription price that is the lesser of $2.00 or the closing price per share of our common stock on Nasdaq on March 6, 2017, the close of the subscription period. The five-year warrant will entitle the holder to purchase one share of common stock, at an exercise price that is equal to the subscription price from the date of issuance through the warrant expiration date. Second Sight has applied to list the warrants on Nasdaq under the trading symbol of “EYESW,” although no assurance can be given that a sufficient number of subscription rights will be exercised so that the warrants will meet the minimum listing criteria to be accepted for listing on Nasdaq. The warrants may be redeemable, in whole and not in part, at a price of $0.01 per Warrant, at any time after their two year anniversary of issuance, upon not less than 30 days’ prior written notice of redemption to each warrant holder, provided that, (i) the closing price of the common stock equals or exceeds 200% of the Subscription Price, subject to adjustment, per share, for 15 consecutive trading days and (ii) all of our independent directors vote in favor of warrants redemption. Holders will be able to sell or exercise their Warrants prior to any such announced redemption date.Holders who fully exercise their basic subscription rights will be entitled, if available, to subscribe for additional units that are not purchased by other shareholders, on a pro rata basis and subject to ownership limitations.Second Sight plans to use the proceeds from the rights offering to fund ongoing development that will improve performance of Argus® II, and to expand markets to better-sighted RP patients. In addition the Company plans to continue funding the ongoing development of the Orion I visual prosthesis, and continue funding the ongoing clinical study of Argus II in patients with AMD. The financing, if fully subscribed, is also expected to provide for other operating and general corporate purposes.As soon as practicable following the record date, the Company intends to mail to shareholders of record on the record date a prospectus and related documents for use in exercising subscription rights.(Full report on www.businesswire.com)