Tag: underwritten public offering

Vuzix Corp. has closed its previously announced underwritten public offering of more than 4.76 million shares of its common stock at a price of $20.50 to the public.

The shares include nearly 622,000 shares pursuant to the full exercise by the underwriters of their over-allotment option. The gross proceeds to Vuzix were roughly $97.75 million, before deducting underwriting discounts and commissions.

Vuzix plans to use the funds from the sale of shares 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 its software offerings and possible related acquisitions.

BTIG LLC acted as the sole book-running manager for the offering. Craig-Hallum Capital Group LLC acted as co-manager for the offering, and Special Equities Group, a division of Dawson James Securities Inc., served as a financial adviser to the company.

Vuzix is a leading supplier of smart glasses and augmented reality 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, as well as provide solutions for mobility, wearable displays and augmented reality. It trades as VUZI on the Nasdaq exchange.

Shares of company stock (Nasdaq: VUZI) were trading up more than 8 percent at $26.92 midday Monday.

[email protected] / 585-653-4021
Follow Velvet Spicer on Twitter: @Velvet_Spicer