June 5, 2020

News to Watch: Vuzix Corporation (NASDAQ:VUZI)

Vuzix Corporation (NASDAQ:VUZI) spotted trading -45.40% off 52-week high price. On the other end, the stock has been noted 217.44% away from the low price over the last 52-weeks. The stock changed -0.36% to recent value of $2.73. The stock transacted 4162131 shares during most recent day however it has an average volume of 1.14M shares. The company has 33.16M of outstanding shares and 29.16M shares were floated in the market.

On May 11, 2020, Vuzix Corporation (NASDAQ:VUZI) a leading supplier of Smart Glasses and Augmented Reality (AR) technology and products, disclosed the entry into agreements with long standing institutional investors relating to the sale of 5,000,000 shares of its common stock at the market an offering price pursuant to NASDAQ rules of $2.25 per share. The gross proceeds from the offering will be $11,250,000 before deducting commissions and estimated offering expenses.

The Company intends to use the net proceeds from the offering for general corporate purposes, including working capital to accelerate the building of finished goods inventory to address increasing customer demand. In addition, due to the uncertain economic, public health, and political climate the Company further sought to fortify its balance sheet.

The Special Equities Group, a division of Bradley Woods & Co., Ltd. acted as sole placement agent for the offering.

Its earnings per share (EPS) expected to touch remained -7.40% for this year while earning per share for the next 5-years is expected to reach at 20.00%. VUZI has a gross margin of -66.10%.

According to the most recent quarter its current ratio was 7.2 that represents company’s ability to meet its current financial obligations. The price moved ahead of 64.21% from the mean of 20 days, 88.67% from mean of 50 days SMA and performed 39.76% from mean of 200 days price. Company’s performance for the week was 79.08%, 76.77% for month and YTD performance remained 36.32%.