Video eyewear and smart glass supplier Vuzix said today it closed a $6.6 million underwritten offering of common stock.
The Rochester, N.Y.-based company said it sold 1 million shares of common stock at $5.75 per share in the round, with a fully exercised over-allotment option for an additional 150,000 shares at the same price. Shares in the round were sold to both existing and new institutional investors.
The company expects to seen net proceeds of approximately $6 million, which will be used for expanding its products, supporting the launch of its M300 and M3000 smart glasses, expansion of its waveguide volume production equipment and the refinement of its planned 2017 B3000 binocular waveguide launch.
Oppenheimer & Co. acted as the sole underwriter for the offering, according to an SEC filing.