ROCHESTER, N.Y., April 1, 2021 /PRNewswire/ -- Vuzix Corporation
(Nasdaq: VUZI, the "Company"), a leading supplier of Smart-Glasses
and Augmented Reality (AR) technologies and products for the
consumer and enterprise markets, today announced the closing of the
Company's previously announced underwritten public offering of
4,768,293 shares of its common stock at a price to the public of
$20.50 per share, including 621,951
shares pursuant to the full exercise by the underwriters of their
over-allotment option. The gross proceeds to the Company from the
offering were approximately $97.75
million, before deducting underwriting discounts and
commissions and other offering expenses payable by the Company.
BTIG, LLC acted as sole book-running manager for the offering.
Craig-Hallum Capital Group, LLC acted as co-manager for the
offering. The Special Equities Group (SEG), a division of Dawson
James Securities, Inc., acted 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 were 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 was 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 was
filed with the SEC and is 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 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, expected use of
proceeds. 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