Business
Vuzix Announces $11,250,000 Common Stock Only Registered Direct Offering Priced At-The-Market
ROCHESTER, N.Y., May 11, 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 11, 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 the entry into agreements with long standing institutional investors relating to the sale of 5,000,000 shares of its common stock at the market an offering price pursuant to NASDAQ rules of $2.25 per share. The gross proceeds from the offering will be $11,250,000 before deducting commissions and estimated offering expenses. \n\n \n \n \n \n \n \n\n \nThe 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. In addition, due to the uncertain economic, public health, and political climate the Company further sought to fortify its balance sheet.\nThe Special Equities Group, a division of Bradley Woods & Co., Ltd. acted as sole placement agent for the offering.\nThe offering is expected to close on May 13, 2020, subject to satisfaction of customary closing conditions. \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.\nThe shares are being offered by Vuzix Corporation pursuant to an effective \"shelf\" registration statement previously filed with and subsequently declared effective on June 13, 2019 by the Securities and Exchange Commission. The securities are being offered only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. Copies of the final prospectus supplement and accompanying base prospectus may be obtained, when available, by contacting Bradley Woods & Co., Ltd., 805 Third Avenue, 18th Floor, New York, NY 10022 at (212) 826-9191, or the Securities and Exchange Commission's website at http://www.sec.gov.\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 Com...