Vuzix prices underwritten public offering at $20.50 per share, gross proceeds expected to be approximately $85M

Vuzix Corporation (NASDAQ:VUZI) has announced the pricing of an underwritten public offering of 4,146,342 shares of its common stock, first announced on Thursday, at $20.50 per share, before underwriting discounts and commission, with gross proceeds expected to be approximately $85 million. The company said it intends to use the net proceeds from the sale of the shares of common stock 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 our software offerings, and possible related acquisitions of other firms. READ: Vuzix receives initial deployment order for its M400 Smart Glasses from healthcare and surgical training solutions provider BTIG is acting as sole book-running manager for the offering, with Craig-Hallum Capital Group acting as co-manager, and The Special Equities Group (SEG), a division of Dawson James Securities is acting as a financial advisor to the company. The company said it has also granted the underwriters an option for a period of 30 days to purchase up to an additional 621,951 shares of common stock at the public offering price, less underwriting discounts and commissions. The offering is expected to close on or about March 30, 2021, subject to satisfaction of customary closing conditions. Vuzix is a leading supplier of Smart-Glasses and Augmented Reality (AR) technologies and products for the consumer and enterprise markets. Its products include personal display and wearable computing devices that offer users a portable high-quality viewing experience, provide solutions for mobility, wearable displays and augmented reality. The company holds 184 patents and patents pending and numerous IP licenses in the Video Eyewear field. It has won Consumer Electronics Show (or CES) awards for innovation for the years 2005 to 2021 and several wireless technology innovation awards among others. Founded in 1997, Vuzix has offices in Rochester, NY, Oxford, UK, and Tokyo, Japan.  Contact the author at jon.hopkins@proactiveinvestors.com