24/7 Market News- Vuzix to Receive Strategic Investment from Quanta Computer

September 3, 2024

DENVER, Colo., Sep 03, 2024 (247marketnews.com)- Vuzix (NASDAQ: VUZI) stated that it entered into an agreement with Quanta Computer, one of the world’s largest ODMs, in which Quanta will make a $20 million strategic investment in Vuzix consisting of three investment tranches for common and preferred stock of Vuzix.

Frank Chuang, Quanta Computer’s Vice President, commented, “We plan to work closely with Vuzix to support the AR smart glasses industry and today’s investment in Vuzix represents a strong endorsement of our partnership.”

Paul Travers, Vuzix’s President and CEO, stated, “Quanta’s investment today represents another important step in our partnership, which has steadily deepened since we first disclosed it last November.

“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. We look forward expanding our customer relationship and partnership with such a leading product manufacturer as Quanta, as well as realizing the significant revenue potential it stands to generate for Vuzix in the upcoming years with both parties’ successes.”

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