Vuzix Corporation places $15.5M direct offering to fund production ramp up
Vuzix Corporation (NASDAQ:VUZI) announced Friday that it has reached a deal with institutional and other investors to purchase stock and warrants worth $15.5 million.
The smart glasses and augmented reality company is selling the shares and warrants for $4.25 apiece as part of an at-the-market registered direct offering. The warrants will have an exercise price of $5.25 per share for a period of six months after the issue date.
Vuzix plans to use the proceeds to more rapidly build up inventory in response to increasing customer demand and develop its next generation micro-LED designer style augmented reality smart glasses.
READ: Vuzix inks defense contract to build custom waveguide solution
The offering is expected to close on September 9, the company said.
Vuzix’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. The company holds 166 patents and patents pending and numerous IP licenses in the video eyewear field.
Contact Andrew Kessel at [email protected]
Follow him on Twitter @andrew_kessel
Story by ProactiveInvestors
Source: https://www.proactiveinvestors.com/companies/news/928341/vuzix-corporation-places-155m-direct-offering-to-fund-production-ramp-up-928341.html
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