Vuzix® Corporation (NASDAQ: VUZI), a leading supplier of Smart Glasses and Augmented Reality (AR) technology and products, today announced that it has entered into agreements with long standing institutional and other investors to purchase 3,647,060 shares of common stock and warrants to purchase an additional 3,647,060 shares in a registered direct offering.
The purchase price is $4.25 per share and warrant. The warrants will have an exercise price of $5.25 per share, payable in cash, and will be exercisable for a period of approximately six months from the issued date. The gross proceeds from the offering will be $15,500,000 before deducting commissions and estimated offering expenses. The shares and warrants were priced at above the market according to Nasdaq.
The Company intends to use the net proceeds from the offering for general corporate purposes, including working capital to accelerate the building of finished goods inventory to address increasing customer demand and accelerate development of its next generation micro-LED designer style augmented reality smart glasses.
The Special Equities Group, a division of Bradley Woods & Co., Ltd., acted as sole placement agent for the offering.
The offering is expected to close on September 9, 2020, subject to satisfaction of customary closing conditions.
About Vuzix Corporation
Vuzix is a leading supplier of Smart-Glasses and Augmented Reality (AR) technologies and products for the consumer and enterprise 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 augmented reality. Vuzix holds 166 patents and 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 2020 and several wireless technology innovation awards among others. Founded in 1997, Vuzix is a public company (NASDAQ: VUZI) with offices in Rochester, NY, Oxford, UK, and Tokyo, Japan. For more information, visit Vuzix website, Twitter and Facebook pages.
