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Vuzix to sell 2,066,116 shares

Vuzix Corp. on Dec. 14 entered an agreement to sell 2,066,116 of its ordinary shares at a price of $6.05 per share.

The shares are being offered to existing institutional investors, who will also be entitled to buy a total of 1,033,058 of Vuzix' ordinary shares at $7.00 per share for three years.

Excluding fees, the eyewear technology developer expects the sale to generate $12.5 million, which it will use to fund capital.

Vuzix expects the offering to close Dec. 15, subject to satisfaction of closing conditions.