Vuzix Begins Trading On NASDAQ
Written By Wearables.com
After announcing that it had received approval to list common stock on the NASDAQ Capital Market, Vuzix Corporation began trading on January 28. The Rochester, New York-based company, which specializes in smart eyewear, is trading stock under the ticker symbol “VUZI.”
Paul Travers, CEO and Founder of Vuzix, was visibly excited as he participated in NASDAQ’s January 28th Opening Bell ceremony. From the podium, he told his team that they were “going to change the world together.” “We’ve got some of the leading companies as our partners today,” he explained, naming chip company Intel, PC supplier Lenovo, and enterprise software corporation SAP as companies they have partnered with.
“The world is changing,” Travers said. “Wearable technology is going to replace even your cell phone, and Vuzix is leading the charge.”
Travers said that partnerships like the one with Intel helped them achieve their goal of being a NASDAQ-listed company. Intel gave Vuzix an investment of $24.8 million at the beginning of January. According to the Securities and Exchange Commission, the investment gave Intel 30 percent of Vuzix’s outstanding stock. Intel also now has shareholder voting powers and two members on Vuzix’s Board of Directors.
Vuzix’s products include Augmented Reality display devices, military tactical equipment, and other smart glasses. The company recently began selling the M100 Smart Glasses, an “Android-based wearable computer” that is very similar to Google Glass. Rochester’s local newspaper the Democrat and Chronicle noted that Intel’s involvement in Vuzix might allow Intel to compete directly with Google and Apple, other large companies that have begun to engage in the wearables industry.
Tags: Smart Glasses