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Vuzix closes $12.5M offering

U.S.-based eyewear technology developer Vuzix Corp. said Dec. 20 that it closed its previously announced $12.5 million offering Dec. 19.

The offering resulted in net proceeds of about $11.5 million after the deduction of placement agent fees and payable offering expenses.

The company plans to use the net proceeds from the offering for general corporate purposes, which includes expansion of product offerings and the commercial launch of its Blade Smart Glasses in early 2018.

The company appointed Chardan Capital Markets LLC as the sole placement agent for the transaction.