ROCHESTER, N.Y., March 26, 2021 /PRNewswire/ -- Vuzix®
Corporation (NASDAQ: VUZI), ("Vuzix" or, the "Company"), a leading
supplier of Smart Glasses and Augmented Reality (AR) technologies
and products for the consumer and enterprise markets, today
announced the pricing of an underwritten public offering of
4,146,342 shares of its common stock at a price to the public of
$20.50 per share, before underwriting
discounts and commission. The Company has granted the underwriters
an option for a period of 30 days to purchase up to an additional
621,951 shares of common stock at the public offering price, less
underwriting discounts and commissions. The offering is expected to
close on or about March 30, 2021,
subject to satisfaction of customary closing conditions. The gross
proceeds to the Company from the offering, excluding any exercise
by the underwriters of their option to purchase additional shares,
are expected to be approximately $85
million, before deducting underwriting discounts and
commissions and other offering expenses payable by the Company.
BTIG, LLC is acting as sole book-running manager. Craig-Hallum
Capital Group, LLC is acting as co-manager for the
offering. The Special Equities Group (SEG), a division of
Dawson James Securities, Inc., is acting as a financial advisor to
the Company.
The Company intends to use the net proceeds from the sale of the
shares of common stock for general corporate purposes, including
working capital to accelerate the building of finished goods
inventory to address increasing customer demand, new technology
development, new product development, purchases of technology,
expansion of our software offerings, and possible related
acquisitions of other firms.
The shares described above are being offered by the Company
pursuant to a shelf registration statement on Form S-3, including a
base prospectus, that was filed on February
2, 2021 and declared effective by the SEC on February 9, 2021. The offering will be made
only by means of a written prospectus and prospectus supplement
that form a part of the registration statement. A final prospectus
supplement and accompanying prospectus relating to the offering
will be filed with the SEC and will be available on the SEC's
website located at www.sec.gov. Copies of the final prospectus
supplement and the accompanying prospectus relating to the
offering, may also be obtained, when available, by contacting BTIG,
LLC at 65 East 55th Street, New York,
NY, 10022, by email at ProspectusDelivery@btig.com or by
telephone at (212) 593-7555.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy, nor will there be any sales of
these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such 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 184 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 2021 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. Forward-looking statements contained
in this release relate to, among other things, the closing of the
offering and timing thereof, expected gross proceeds, expected use
of proceeds, and with respect to the underwriters' 30-day option to
purchase additional shares. 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 Company's
Annual Reports and other 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