December 24, 2009
Vuzix Corporation completed an initial public offering in Canada and the United States of units for gross proceeds of $6.25 million. Each Unit consisted of one share of common stock of Vuzix and one-half of one common stock purchase warrant. The Vuzix shares and warrants commenced trading on January 5, 2010 on the TSX Venture Exchange under the symbols VZX and VZX.WT, respectively.
The Offering was made: (i) in Canada through a syndicate of agents led by Canaccord Financial Ltd. and Bolder Investment Partners, Ltd.; and (ii) in the United States with Canaccord Adams Inc., as agent, and selling group participation by Lighthouse Financial Group LLC.
Vuzix Corporation manufactures personal display devices for the entertainment, defense, industrial and low vision medical markets. Vuzix products provide users with a portable and private big screen experience that delivers big screen mobile entertainment in the consumer markets, low vision assist in the medical markets and tactical information in the defense markets. The company is revolutionizing the mobile display industry and aims to continue to create products that enrich the lives of its customers. Vuzix has won six CES Innovations Awards since 2005 and the 2008 RetailVision Best New Product – Hardware Award among others. Founded in 1997, Vuzix has offices in Rochester, NY, London, UK and Tokyo, Japan.
Wildeboer Dellelce LLP acted for Vuzix with respect to Canadian securities law matters with a team that included Robert Fonn, Troy Pocaluyko, Sanjeev Patel and Nicholas Gray (corporate/securities) and Kevin Fritz (tax).