Vuzix Corp. (VUZI) Prices 4.146M Share Common Offering at $20.50/Sh

Vuzix® Corporation (NASDAQ: VUZI), ("Vuzix" or, the "Company"), a leading supplier of Smart Glasses and Augmented Reality (AR) technologies and products for the consumer and enterprise markets, today announced the pricing of an underwritten public offering of 4,146,342 shares of its common stock at a price to the public of $20.50 per share, before underwriting discounts and commission. The Company has granted the underwriters an option for a period of 30 days to purchase up to an additional 621,951 shares of common stock at the public offering price, less underwriting discounts and commissions. The offering is expected to close on or about March 30, 2021, subject to satisfaction of customary closing conditions. The gross proceeds to the Company from the offering, excluding any exercise by the underwriters of their option to purchase additional shares, are expected to be approximately $85 million, before deducting underwriting discounts and commissions and other offering expenses payable by the Company.

BTIG, LLC is acting as sole book-running manager. Craig-Hallum Capital Group, LLC is acting as co-manager for the offering. The Special Equities Group (SEG), a division of Dawson James Securities, Inc., is acting as a financial advisor to the Company.

The Company intends to use the net proceeds from the sale of the shares of common stock 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 our software offerings, and possible related acquisitions of other firms.

The shares described above are being offered by the Company pursuant to a shelf registration statement on Form S-3, including a base prospectus, that was filed on February 2, 2021 and declared effective by the SEC on February 9, 2021.

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