Vuzix Announces Receipt of Approximately $48.1 Million from Warrant Exercises over the Last 70 Days

Rhea-AI Summary

Vuzix Corporation (NASDAQ: VUZI) announced significant updates regarding warrant exercises, revealing that 98.6% of its 10,159,575 outstanding warrants were exercised over the past 70 days. This resulted in cash proceeds of approximately $48.1 million, including $28.6 million reported earlier on January 15. Currently, only 138,401 warrants remain outstanding, which could yield an additional $767,837 if exercised. Vuzix continues to lead in Smart Glasses and Augmented Reality technologies, holding 184 patents and numerous IP licenses.

Positive

• Receipt of approximately $48.1 million from warrant exercises enhances cash position.
• 98.6% of outstanding warrants have been exercised, indicating strong investor confidence.
• Only 138,401 warrants remain, suggesting limited dilution risk in the near term.

Negative

• None.

ROCHESTER, N.Y., Feb. 25, 2021 /PRNewswire/ -- Vuzix® Corporation (NASDAQ: VUZI), ("Vuzix" or, the "Company"), a leading supplier of Smart Glasses and Augmented Reality (AR) technology and products, today provided an update on recent warrant exercises and the resulting impact on its cash position.

Over the past 70 days, 98.6% of the Company's 10,159,575 outstanding warrants as of September 30, 2020 have been exercised for cash by their holders resulting in total proceeds received of approximately $48.1 million by the Company. These receipts are inclusive of the $28.6 million of warrant proceeds that had been previously reported in the Company's January 15^th update on this subject. As of today, the Company has only 138,401 warrants outstanding which could, if exercised, result in further proceeds of $767,837.

About Vuzix Corporation

Vuzix is a leading supplier of Smart-Glasses and Augmented Reality (AR) technologies and products for the consumer and enterprise markets. The Company's products include personal display and wearable computing devices that offer users a portable high-quality viewing experience, provide solutions for mobility, wearable displays and augmented reality. Vuzix holds 184 patents and patents pending and numerous IP licenses in the Video Eyewear field. The Company has won Consumer Electronics Show (or CES) awards for innovation for the years 2005 to 2021 and several wireless technology innovation awards among others. Founded in 1997, Vuzix is a public company (NASDAQ: VUZI) with offices in Rochester, NY, Oxford, UK, and Tokyo, Japan. For more information, visit Vuzix website, Twitter and Facebook pages.

Forward-Looking Statements Disclaimer

Certain statements contained in this news release are "forward-looking statements" within the meaning of the Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. Forward looking statements contained in this release relate to the Company's pro-forma cash position, further potential warrant exercises, and among other things the Company's leadership in the Smart Glasses and AR display industry. They are generally identified by words such as "believes," "may," "expects," "anticipates," "should" and similar expressions. Readers should not place undue reliance on such forward-looking statements, which are based upon the Company's beliefs and assumptions as of the date of this release. The Company's actual results could differ materially due to risk factors and other items described in more detail in the "Risk Factors" and MD&A sections of the Company's Annual Reports and other reports filed with the United States Securities and Exchange Commission and applicable Canadian securities regulators (copies of which may be obtained at www.sedar.com or www.sec.gov). Subsequent events and developments may cause these forward-looking statements to change. The Company specifically disclaims any obligation or intention to update or revise these forward-looking statements as a result of changed events or circumstances that occur after the date of this release, except as required by applicable law.

Media and Investor Relations Contact:

Ed McGregor, Director of Investor Relations
Vuzix Corporation
ed_mcgregor@vuzix.com
Tel: (585) 359-5985

Vuzix Corporation, 25 Hendrix Road, Suite A, West Henrietta, NY 14586 USA,
Investor Information – IR@vuzix.com www.vuzix.com

 

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SOURCE Vuzix Corporation

FAQ

What is the recent cash receipt reported by Vuzix Corporation?

Vuzix Corporation reported receiving approximately $48.1 million from warrant exercises.

How many warrants were exercised by Vuzix recently?

98.6% of Vuzix's 10,159,575 outstanding warrants were exercised in the last 70 days.

What is the current number of outstanding warrants for Vuzix?

Vuzix currently has 138,401 outstanding warrants.

What could be the potential proceeds from remaining outstanding warrants?

The remaining outstanding warrants could potentially yield an additional $767,837 if exercised.