Company plans to offer senior secured convertibles due June 2, 2017
By Devika Patel
Knoxville, Tenn., June 2 - Vuzix Corp. said it arranged a $3 million private placement of 5% senior secured convertible notes.
The notes mature June 2, 2017, and are convertible into common shares at $2.25 per share. The conversion price is a 15.73% discount to the May 30 closing share price of $2.67.
Proceeds will accelerate the company's M100 offshore production ramp-up with its new features and software capabilities and facilitate the implementation of the company's new waveguide manufacturing process equipment for use in its next-generation smart glasses products.
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 notes
|
| Amount: | $3 million
|
| Maturity: | June 2, 2017
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| Coupon: | 5%
|
| Conversion price: | $2.25
|
| Warrants: | No
|
| Settlement date: | June 2
|
| Stock symbol: | OTCBB: VUZI
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| Stock price: | $2.67 at close May 30
|
| Market capitalization: | $28.33 million
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