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Provider: Reuters Investment Profile
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Provider: Taglich Brothers Inc.
$161.00
Provider: Taglich Brothers Inc.
$161.00

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Vuzix Corp Announces Pricing Of Public Offering Of Common Stock And Warrants


Tuesday, 30 Jul 2013 08:42pm EDT 

Vuzix Corp announced the pricing of public offering of 3,500,000 shares of common stock, and warrants to purchase up to an aggregate of 3,500,000 shares of common stock, at a public offering price of $2.00 per share and $0.0001 per warrant. The warrants have a per share exercise price of $2.25, are exercisable immediately, and expire five years from the date of issuance. The gross proceeds to Vuzix from the offering are expected to be approximately $7,000,000 before underwriting discounts and commissions and other offering expenses. All of the shares and warrants in the offering are being sold by the Company. The Company intends to use the net proceeds received from the offering to complete commercialization of the M100 Smart Glasses, and the VFX720 video head phone products, and waveguide technologies, repayment of certain of debt (consisting of principal and interest on outstanding notes, convertible debentures and bank loans) in the amount of approximately $2,025,000, and for working capital and general corporate purposes. 

Company Quote

3.61
0.14 +4.03%
3:40pm EST