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Smart Glasses, Augmented Reality (AR) technology and product supplier, Vuzix Corporation (NASDAQ: VUZI), has priced 4.1 million shares at $20.5 per share in a secondary public offering to raise $85 million in gross proceeds.
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- The offer price signifies a 22% discount to the company's Thursday closing price of $26.32. The underwriters have a 30-day option to purchase up to 0.62 million additional shares.
- Vuzix plans to use the offering proceeds 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 software offerings, and possible related acquisitions of other firms.
- BTIG, LLC is the sole book-running manager for the offering.
- Vuzix held cash and cash equivalents worth $36 million as of December 31, 2020.
- The company recently participated in an Ox Fulfillment Solutions initiated private seed investment round for operational expansion support towards supply chain optimization using machine learning in large retail firms.
- VUZI stock has gained 2,150% in the last year.
- Price action: VUZI share prices traded lower by 17% at $21.85 in the premarket session on the last check Friday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.