Vuzix Corporation has announced the close of Vuzix’s previously announced underwritten public offering of around 4,768,290 shares of its common stock at $20.50 per share. It also includes 621,951 shares under the full exercise by the underwriters of their over-allotment option. Vuzix is one of the leading suppliers of AR technologies and smart glasses, and products for enterprise markets and consumers.
The gross proceeds to Vuzix from the offering were around $97.7M before subtracting commissions and underwriting discounts and other offering expenses payable by Vuzix. BTIG worked as the sole book-running manager while Craig-Hallum Capital Group acted as co-manager for the offering. The SEG (Special Equities Group), a division of Dawson James Securities, served as a financial advisor to Vuzix.
Vuzix Corporation plans to use the proceeds from the sale of the shares for general corporate purposes, including:
- address increasing customer demand
- working capital to accelerate the building of finished goods inventory
- new tech development
- purchases of technology
- new product development
- expansion of our software offerings
Vuzix offered the shares under a shelf registration statement on Form S-3. The offering was made using a prospectus supplement that forms a part of the registration statement. A final prospectus supplement along with a prospectus related to the offering was filed with the SEC. It is currently available on the website of SEC (www.sec.gov).
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