Business
Vuzix Announces Closing of $11,250,000 Offering
ROCHESTER, N.Y., May 13, 2020 /PRNewswire/ -- Vuzix® Corporation (NASDAQ: VUZI), ("Vuzix" or, the "Company"), a leading supplier of Smart Glasses and
About this update from Vuzix Corporation
[{"type":"text","content":"ROCHESTER, N.Y., May 13, 2020 /PRNewswire/ -- Vuzix® Corporation (NASDAQ: VUZI), (\"Vuzix\" or, the \"Company\"), a leading supplier of Smart Glasses and Augmented Reality (AR) technology and products, today announced that it closed the previously announced $11,250,000 million registered direct offering of common stock on May 13, 2020. The company entered into agreements on May 11, 2020 relating to the sale of 5,000,000 shares of its common stock at an offering price of $2.25 per share. The gross proceeds from the offering were $11,250,000 before deducting commissions and estimated offering expenses. The Special Equities Group, a division of Bradley Woods & Co., Ltd. acted as sole placement agent for the offering. The company has filed a prospectus with the Securities and Exchange Commission, which can be viewed at https://www.sec.gov/Archives/edgar/data/1463972/000110465920060228/tm2019416-2_424b5.htm.\nThe Company estimates the net proceeds from this offering are approximately $10.6 million, after deducting placement agent fees and estimated offering expenses payable. As noted earlier, 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.\nThis press release does not constitute an offer to sell, or the solicitation of an offer to buy, any securities described herein, nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.\nAbout Vuzix Corporation \nVuzix 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 157 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...