Business
Vuzix Receives $10 Million First Tranche Investment from Quanta Computer
Quanta investment part of a total $20 million strategic investment agreement to support the expansion of Vuzix' leading-edge waveguide production capabilities
About this update from Vuzix Corporation
[{"type":"text","content":"Quanta investment part of a total $20 million strategic investment agreement to support the expansion of Vuzix' leading-edge waveguide production capabilities and joint development of new AR/AI smart glasses technologiesROCHESTER, N.Y., Sept. 16, 2024 /PRNewswire/ -- Vuzix® Corporation (NASDAQ: VUZI), (\"Vuzix\" or, the \"Company\"), a leading supplier of smart glasses and Augmented Reality (AR) technology and products, is pleased to announce that it has completed the closing of the first investment tranche, for the sale of $10 million in common stock at $1.30 per share, under its previously announced September 3, 2024 purchase agreement with Quanta Computer Inc.\n\n \n \n \n \n \n \n\n \n\"Feedback thus far from both our investors and potential industry partners and customers since our prior September 3rd announcement has been very positive,\" said Paul Travers, President and CEO of Vuzix. \"Again, we look forward expanding our customer relationship and partnership with such a leading product manufacturer as Quanta, as well as ultimately realizing the significant new revenue potential for Vuzix with its waveguides for AI smart glasses in the upcoming years with both parties' successes.\"\nThe foregoing description of Quanta's investment is qualified in its entirety by reference to the Current Report on Form 8-K, filed with the Securities and Exchange Commission on September 3, 2024.\nAbout Vuzix Corporation \nVuzix is a leading designer, manufacturer and marketer of Smart Glasses and Augmented Reality (AR) technologies and products for the enterprise, medical, defense and consumer markets. The Company's products include head-mounted smart personal display and wearable computing devices that offer users a portable high-quality viewing experience, provide solutions for mobility, wearable displays and augmented reality, as well OEM waveguide optical components and display engines. Vuzix holds more than 400 patents and patents pending and numerous IP licenses in the fields of optics, head-mounted displays, and the augmented reality wearables field. The Company has won Consumer Electronics Show (or CES) awards for innovation for the years 2005 to 2024 and several wireless technology innovation awards among others. Founded in 1997, Vuzix is a public company (NASDAQ: VUZI) with offices in: Rochester, NY; and Kyoto and Tokyo, Japan. Fo...