Vuzix Corporation (NASDAQ:VUZI) announced the sale of 2M shares of its common stock at an offering price of $7.25 per share. The gross proceeds from the offering will be $14.5M.
The Company intends to use the net proceeds from the offering for general corporate purposes, development and launch of its proprietary waveguide technology planned to hit the market in 2017 with the launch of its B3000 binocular waveguide, and for general working capital purposes.
"This financing will greatly strengthen Vuzix (VUZI)' balance sheet and help ensure that the Company has sufficient operating capital to execute on its business plans into 2018," explained Paul Travers, President and CEO of Vuzix Corp. "Vuzix looks forward to several important catalysts heading into CES; this capital infusion will significantly improve our execution capabilities in 2017 and improve our negotiating position in discussions with potential strategic partners and customers."
Sole placement agent - Chardan Capital Markets, LLC.
The offering is expected to close on Dec. 2, subject to satisfaction of customary closing conditions.
Now read: Closing The Book On Intel And Vuzix »