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ROCHESTER, N.Y., March 25, 2021 /PRNewswire/ -- Vuzix Corporation (NASDAQ: VUZI) (the "Company"), a leading supplier of Smart Glasses and Augmented Reality (AR) technology and products, today announced that it intends to offer shares of its common stock for sale in an underwritten public offering. In addition, the Company expects to grant the underwriters a 30-day option to purchase up to an additional 15% of the number of shares to be issued and sold in the public offering on the same terms and conditions. The Company intends to use the net proceeds from this offering 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 the Company's software offerings, and possible related acquisitions of other firms. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.
Interesting to see this play out.. Offer is at 20.50 .. Shares still trading in 22+ .. Nearly 26m shares traded.. Couple of tweets by Stephen Weiss talking about VUZI and that he has been adding today etc. + thinks it was not handled well.. Add to the mix, Cathie Wood and company owns sizable position.. Not sure if they are adding.. The whole thing will be over on March 30th.
And the main bookrunner, BTIG has a price target from before of $ 30 ..
Stock drifted down to the offer price of 20.50 then turned around ten percent, an encouraging sign. I figure part of the reason they issued stock is to try and tamp down some of the volatility. We shall see.