Company sells units through Aegis Capital to fund corporate purposes
By Devika Patel
Knoxville, Tenn., Aug. 1 - Vuzix Corp. said that the underwriters for its public offering of units opted to exercise the deal's $1.05 million greenshoe in full for total proceeds of $8.05 million. The offering was announced May 23 and priced for $7 million with the greenshoe on Wednesday.
The company sold 4,025,000 units of one common share and one warrant at $2.00 per unit. Each warrant will be exercisable at $2.25 for five years. The strike price is a 47.67% discount to the July 30 closing share price of $4.30. Of the units, 525,000 comprised the fully exercised greenshoe.
Aegis Capital Corp. was the sole bookrunning manager.
Proceeds will be used to complete commercialization of the company's waveguide, smart glasses and HD display engine technologies, for debt repayment, working capital and general corporate purposes.
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: | Units of one common share and one warrant
|
| Amount: | $8.05 million (including $1.05 million greenshoe)
|
| Units: | 4,025,000
|
| Price: | $2.00
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $2.25
|
| Bookrunner: | Aegis Capital Corp.
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| Announcement date: | May 23
|
| Pricing date: | July 31
|
| Settlement date: | Aug. 1
|
| Stock symbol: | OTCBB: VUZI
|
| Stock price: | $4.30 at close July 30
|
| Market capitalization: | $6.54 million
|
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