ROCHESTER, N.Y., Dec. 14, 2017 /PRNewswire/ -- Vuzix®
Corporation (VUZI), a supplier of Video Eyewear and Smart Glasses
products in the consumer, enterprise, and entertainment markets,
today announced the entry into agreements relating to the sale of
2,066,116 shares of its common stock at an offering price of
$6.05 per share together with 3 year
warrants to purchase an aggregate 1,033,058 shares of its common
stock at $7.00 per share, and will be
exercisable for a period of three years commencing six months from
issuance. The gross proceeds from the offering will be $12,500,000 before deducting commissions and
estimated offering expenses. The shares of common stock are being
sold to existing institutional investors of the Company.
The Company intends to use the net proceeds from the offering
for general corporate purposes, including expanding its product
offering and the commercial launch of its Blade Smart Glasses,
featuring its proprietary waveguide technology products in early
2018, and for general working capital purposes.
"This financing significantly improves Vuzix' balance sheet and
helps ensure that the Company has sufficient operating capital to
execute on its aggressive business plans while also putting Vuzix
in a stronger position to effectively negotiate and conclude
discussions with potential licensing and strategic partners,"
explained Paul Travers, President
and CEO of Vuzix Corporation.
Chardan acted as the sole placement agent for this transaction
and Craig Hallum and Maxim Group LLC
acted as financial advisors.
The shares of common stock and warrants sold in the Offering
will be issued separately. The offering is expected to close on
December 15, 2017, subject to
satisfaction of customary closing conditions.
This 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.
The shares are being offered by Vuzix Corporation pursuant to an
effective "shelf" registration statement previously filed with and
subsequently declared effective on February 4, 2016 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 Chardan
Capital Markets, LLC, 150 East 58th Street, 28th Floor,
New York, NY 10155, at (646)
465-9028, or the Securities and Exchange Commission's website
at http://www.sec.gov.
About Vuzix Corporation
Vuzix 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 virtual and augmented reality. Vuzix holds 59
patents and 42 additional 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 2018 and several wireless technology innovation awards among
others. Founded in 1997, Vuzix is a public company (NASDAQ: VUZI)
with offices in Rochester, NY,
Oxford, UK and Tokyo, Japan.
Forward-Looking Statements Disclaimer
Certain statements contained in this news release are
"forward-looking statements" within the meaning of the Securities
Litigation Reform Act of 1995 and applicable Canadian securities
laws. Forward looking statements contained in this release relate
to the new Blade 3000 Smart Sunglasses, our latest waveguide and
projection optics, their technological advancements and proposed
features, use of proceeds, capital needs, and among other things,
the Company's leadership in the Video Eyewear and AR display
industry. They are generally identified by words such as
"believes," "may," "expects," "anticipates," "should" and similar
expressions. Readers should not place undue reliance on such
forward-looking statements, which are based upon the Company's
beliefs and assumptions as of the date of this release. The
Company's actual results could differ materially due to risk
factors and other items described in more detail in the "Risk
Factors" section of the Company's Annual Reports and MD&A filed
with the United States Securities and Exchange Commission and
applicable Canadian securities regulators (copies of which may be
obtained at www.sedar.com or www.sec.gov). Subsequent events and
developments may cause these forward-looking statements to change.
The Company specifically disclaims any obligation or intention to
update or revise these forward-looking statements as a result of
changed events or circumstances that occur after the date of this
release, except as required by applicable law.
For further information:
Media and Investor Relations Contact:
Matt Margolis, Director of
Corporate Communications and Investor Relations, Vuzix Corporation
matt_margolis@vuzix.com Tel: (585) 359-5952
Andrew Haag, Managing Partner,
IRTH Communications
vuzi@irthcommunications.com Tel: (866) 976-4784
Vuzix Corporation, 25 Hendrix Road, Suite A, West Henrietta, NY 14586 USA,
Investor Information – IR@vuzix.com www.vuzix.com
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SOURCE Vuzix Corporation