ROCHESTER, N.Y., May 11, 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 the entry into agreements
with long standing institutional investors relating to the sale of
5,000,000 shares of its common stock at
the market an offering price pursuant to NASDAQ rules of
$2.25 per share. The gross proceeds
from the offering will be $11,250,000
before deducting commissions and estimated offering expenses.
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. In addition, due to the uncertain
economic, public health, and political climate the Company further
sought to fortify its balance sheet.
The Special Equities Group, a division of Bradley Woods & Co., Ltd. acted as sole
placement agent for the offering.
The offering is expected to close on May
13, 2020, 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 June 13, 2019 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
Bradley Woods & Co., Ltd., 805
Third Avenue, 18th Floor, New York,
NY 10022 at (212) 826-9191, 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 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
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