Vuzix Corp. (VUZI) announced on Tuesday that Quanta Computer Inc. has committed to a $20 million strategic investment in the company, structured in three tranches and encompassing both common and preferred stock.
According to the tech company, the first tranche of $10 million will be used to purchase common stock, while the second and third tranches, each valued at $5 million, will be earmarked for Vuzix Series B Preferred Stock.
Paul Travers, President and CEO of Vuzix, stated, "This investment, along with future ones, will substantially bolster our balance sheet, ensuring that we are well-positioned to scale up waveguide production and collaborate on the development of new smart glasses and related technologies."
As of now, Vuzix's stock is up 15.20 percent, trading at $0.99 on the Nasdaq.
