Vuzix® Corporation (VUZI), a supplier of Video Eyewear and Smart Glasses products in the consumer, enterprise, and entertainment markets, today announced the entry into an underwriting agreement relating to the sale of 1,000,000 shares of its common stock at an offering price of $5.75 per share, less underwriting discounts and commissions. The gross proceeds from the offering will be$5,750,000, before deducting underwriting discounts and commissions and estimated offering expenses. The shares of common stock are being sold to both existing and new institutional investors of the Company. The Company also granted to the underwriter for the offering a 30-day option to purchase up to an additional 150,000 shares of common stock.
The offering is expected to close on July 11, 2016, subject to satisfaction of customary closing conditions. Oppenheimer & Co. Inc. is acting as the sole underwriter for the offering.
The Company intends to use the net proceeds from the offering for general corporate purposes, including expanding its products, supporting the launches of its new M300 and M3000 Smart Glasses, expansion of its waveguide volume production equipment, refinement of the Company's planned 2017 launch of its B3000 binocular waveguide, and for general working capital purposes.
About Vuzix Corporation
Vuzix is a supplier of Video Eyewear and Smart Glasses products in the consumer, enterprise and entertainment markets. The Company's products include personal display and wearable computing devices that offer users a portable high quality viewing experience, provide solutions for mobility, wearable displays and virtual and augmented reality. Vuzix holds 43 patents and 23 additional patents pending and numerous IP licenses in the Video Eyewear field. The Company has won Consumer Electronics Show (or CES) awards for innovation for the years 2005 to 2016 and several wireless technology innovation awards among others. Founded in 1997, Vuzix is a public company (VUZI) with offices in Rochester, NY, Oxford, UK and Tokyo, Japan.
