Vuzix Corp. has entered into agreements to sell 2 million shares of its common stock at a price of $7.25 a share, officials announced. The sale is expected to close Friday.
The video eyewear firm’s shares are being sold to two new and two existing institutional investors of the firm, the company said.
Gross proceeds from the offering will be $14.5 million before the deductions of commissions and estimated offering expenses, the Henrietta company said. The proceeds will be used for general purposes, including the expansion of products and the development and launch of its proprietary waveguide technology.
"This financing will greatly strengthen Vuzix’ balance sheet and help ensure that the company has sufficient operating capital to execute on its business plans into 2018," said Paul Travers, president and CEO of Vuzix in a statement. "This capital infusion will significantly improve our execution capabilities in 2017 and improve our negotiating position in discussions with potential strategic partners and customers."
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