Vuzix announced that it has raised $12.5 million in a direct offering of 2 million shares at $6.05. The company also issued three year warrants for the purchase of another million shares at $7. The shares and warrants have been sold to existing institutional investors.
The money will be used for general corporate purposes including expanding its product offering and the commercial launch of its Blade Smart Glasses and will support working capital for 18 months.
“This financing significantly improves Vuzix’ balance sheet and helps ensure that the Company has sufficient operating capital to execute on its aggressive business plans while also putting Vuzix in a stronger position to effectively negotiate and conclude discussions with potential licensing and strategic partners,”
explained Paul Travers, President and CEO of Vuzix Corporation.