Investor LC Capital Master buys 12% notes due Dec. 23, 2014
By Devika Patel
Knoxville, Tenn., Dec. 30 - Vuzix Corp. settled a private placement of 12% convertible promissory notes on Dec. 23, according to an 8-K filed Thursday with the Securities and Exchange Commission. LC Capital Master Fund Ltd., the investor, bought $4 million of the notes.
The notes are due on Dec. 23, 2014 and are convertible into up to 40,140,492 shares at a conversion price of $0.09965 per share, which represents a 24.56% premium to $0.08, the Dec. 22 closing share price.
LC Capital also received warrants for 40 million shares, each exercisable at $0.09965 until Dec. 23, 2014. The strike price also is a 24.56% premium to the Dec. 22 closing share price.
Vuzix, based in Rochester, N.Y., makes and sells devices that are worn like eyeglasses and feature built-in video screens that enable the user to view video and digital content, such as movies, computer data, the internet or video games.
| Issuer: | Vuzix Corp.
|
| Issue: | Convertible promissory notes
|
| Amount: | $4 million
|
| Maturity: | Dec. 23, 2014
|
| Coupon: | 12%
|
| Price: | Par
|
| Yield: | 12%
|
| Conversion price: | $0.09965
|
| Conversion ratio: | Into 40,140,492 shares
|
| Warrants: | For 40 million shares
|
| Warrant expiration: | Dec. 23, 2014
|
| Warrant strike price: | $0.09965
|
| Investor: | LC Capital Master Fund Ltd.
|
| Settlement date: | Dec. 23
|
| Stock symbol: | OTCBB: VUZI
|
| Stock price: | $0.07 at close Dec. 23
|
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