Vuzix Corp. raised $8 million through its offering of common stock and warrants to replenish its bottom line and pay off debt, the Rochester-based company said Tuesday.
A maker of video eyewear products, Vuzix raised $6.7 million in net proceeds after direct offering costs and expenses, it said. Some $2.1 million has been used to repay debt consisting of principal and interest on outstanding notes, convertible debentures and bank loans.
Some $3.96 million in term debt was converted into common shares and warrants, on the same basis as the public offering, the company said.
Vuzix has $4.5 million in cash, positive stockholders equity and is virtually debt free, the company said, with all of the company’s assets owned first by its shareholders.
“With this cash, we are now executing on the enormous opportunity in front of us in the burgeoning technology revolution of wearable computing and displays,” CEO Paul Travers said in a statement.
Vuzix is preparing to produce its M100 smart glasses, and its waveguide-based augmented reality monocular for the industrial space scheduled to be released in late summer, Travers said.
Shares of Vuzix (OTC: VUZI) were up 9 cents at midday, to $1.90. It was at $4.55 on the Toronto Stock Exchange, unchanged from the close of trading Monday.
(c) 2013 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email firstname.lastname@example.org.