Vuzix To Receive $20 Mln In Three Tranches From Quanta Computer, Stock Up

(RTTNews) - Vuzix Corp. (VUZI), Tuesday announced that Quanta Computer Inc. has entered into a $20 million three-tranche strategic investment in the company, consisting of both common and preferred stock.

The tech company added that the first tranche of $10 million will involve the purchase of common stock, whereas the second and third tranches, each valued at $5 million, will involve the acquisition of Vuzix Series B Preferred Stock.

Paul Travers, president and CEO of Vuzix, said, "This investment, and the ones to follow, will significantly strengthen our balance sheet and assure that we can implement whatever steps needed to ramp production of waveguides, as well as the co-development of new smart glasses and related technologies."

Currently, Vuzix's stock is climbing 15.20 percent, to $0.99 on the Nasdaq.