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Vuzix Corporation (NASDAQ:VUZI), whose stock has surged over 51% in the past week and maintains a strong financial health score according to InvestingPro, completed the third and final tranche of its previously announced securities purchase agreement with Quanta Computer Inc. on Friday. According to a press release statement and a filing with the Securities and Exchange Commission, Vuzix sold 230,242 shares of its Series B Preferred Stock to Quanta at a purchase price of $21.716 per share.
Each share of Series B Preferred Stock is convertible into 10 shares of Vuzix common stock. The transaction was conducted as a private placement and relied on an exemption from registration under Section 4(a)(2) of the Securities Act of 1933.
The agreement between Vuzix and Quanta was originally disclosed on September 3, 2024. With the completion of this final tranche, the companies have fulfilled the terms set out in the purchase agreement.
Vuzix is incorporated in Delaware and its common stock is listed on the Nasdaq Capital Market under the ticker VUZI. The information in this article is based on a press release statement and the company’s recent SEC filing.
In other recent news, Vuzix Corporation has announced several key developments. The company has entered into a strategic collaboration with Saphlux, Inc. to develop advanced optical solutions for augmented reality glasses, aiming to deliver a reference design display engine by the end of 2025. Additionally, Vuzix plans to showcase its OEM and waveguide capabilities at Vision Expo West 2025, seeking to engage with industry leaders on potential collaborations. In a notable leadership change, Vuzix appointed Dr. Chris Parkinson, co-founder of RealWear, as President of Enterprise Solutions, where he will manage the enterprise product portfolio and strategy. Dr. Parkinson’s employment agreement includes a base salary and substantial stock awards contingent on meeting specific performance targets by 2028. Furthermore, Vuzix has appointed Withum Smith+Brown as its new independent auditor following Freed Maxick’s merger with Withum. The company’s previous auditor, Freed Maxick, had issued reports without adverse opinions, except for a note on Vuzix’s ability to continue as a going concern.
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