Hillair buys senior secured convertible debentures, 38,168 warrants
By Devika Patel
Knoxville, Tenn., July 16 - Vuzix Corp. said it arranged a $200,000 private placement of 16% senior secured convertible debentures with Hillair Capital Investments LP on July 15.
The debentures mature March 21, 2018, and are initially convertible into common shares at $5.24 per share.
Hillair also will receive warrants for 38,168 common shares, which are each exercisable at $5.24 until March 21, 2018.
The conversion price and strike price reflect a 14.1% discount to the July 12 closing share price of $6.10.
Vuzix, based in Rochester, N.Y., makes and sells devices that are worn like eyeglasses and feature built-in video screens that enable the user to view video and digital content, such as movies, computer data, the internet or video games.
| Issuer: | Vuzix Corp.
|
| Issue: | Senior secured convertible debentures
|
| Amount: | $200,000
|
| Maturity: | March 21, 2018
|
| Coupon: | 16%
|
| Conversion price: | $5.24
|
| Warrants: | For 38,168 shares
|
| Warrant expiration: | March 21, 2018
|
| Warrant strike price: | $5.24
|
| Investor: | Hillair Capital Investments LP
|
| Settlement date: | July 15
|
| Stock symbol: | OTCBB: VUZI
|
| Stock price: | $6.10 at close July 12
|
| Market capitalization: | $20.9 million
|
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