The New York-based company said it intends to use the net proceeds for general corporate purposes.
That includes working capital to accelerate the building of finished goods inventory to address increasing customer demand, new technology development, new product development, purchases of technology, expansion of its software offerings, and possible acquisitions of other firms.
READ: Vuzix partners with visual assistance technology provider TechSee to field techs using Smart Glasses
Under the offering, Vuzix sold 4,768,293 shares at $20.50 each, including an extra 621,951 shares pursuant to the full exercise by the underwriters of their over-allotment option.
BTIG LLC acted as sole book-running manager for the offering. Craig-Hallum Capital Group LLC acted as co-manager and Special Equities Group, a division of Dawson James Securities Inc, acted as the financial advisor.
Vuzix is a leading supplier of Smart Glasses and Augmented Reality (AR) technologies and products for the consumer and enterprise markets. Its 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 Vuzix M-Series boasts the new M4000, M400, and cost-effective M300XL. All models are rich in features, including nHD color displays, voice control, touchpad navigation, three-axis gyroscope integrated head-tracking, 64GB internal flash memory, and left or right eye use. The M4000 uses the M400 as a foundation with the addition of the Waveguide optics enabling see-through displays.
The company holds 184 patents and patents pending and numerous IP licenses in the Video Eyewear field. It has won Consumer Electronics Show (or CES) awards for innovation for the years 2005 to 2021 and several wireless technology innovation awards among others.
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Story by ProactiveInvestors
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