ROCHESTER, N.Y., May 13, 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 that it closed the
previously announced $11,250,000
million registered direct offering of common stock on
May 13, 2020. The company
entered into agreements on May 11,
2020 relating to the sale of 5,000,000 shares of its common
stock at an offering price of $2.25
per share. The gross proceeds from the offering were $11,250,000 before deducting commissions and
estimated offering expenses. The Special Equities Group, a division
of Bradley Woods & Co., Ltd.
acted as sole placement agent for the offering. The company has
filed a prospectus with the Securities and Exchange Commission,
which can be viewed at
https://www.sec.gov/Archives/edgar/data/1463972/000110465920060228/tm2019416-2_424b5.htm.
The Company estimates the net proceeds from this offering are
approximately $10.6 million, after
deducting placement agent fees and estimated offering expenses
payable. As noted earlier, the 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.
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.
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 augmented reality. Vuzix holds 157 patents
and 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 2020 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. For more information,
visit
Vuzix website, Twitter and Facebook pages.
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 use of proceeds and among other things the Company's leadership
in the Smart Glasses 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 filings 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.
Media and Investor Relations Contact:
Ed McGregor, Director of Investor
Relations, Vuzix Corporation ed_mcgregor@vuzix.com
Tel: (585) 359-5985
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