Attached files
file | filename |
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EX-4.1 - Vuzix Corp | v200039_ex4-1.htm |
EX-10.1 - Vuzix Corp | v200039_ex10-1.htm |
EX-99.1 - Vuzix Corp | v200039_ex99-1.htm |
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date of
Report (Date of earliest event reported) – October 21, 2010
VUZIX
CORPORATION
(Exact
Name of Registrant as Specified in its Charter)
Delaware
(State or
Other Jurisdiction of Incorporation)
000-53846
|
04-3392453
|
(Commission
File Number)
|
(IRS
Employer Identification No.)
|
75
Town Centre Drive, Rochester, New York 14623
(Address
of principal executive offices)(Zipcode)
(585) 359-5900
(Registrant’s
Telephone Number, Including Area Code)
Not
Applicable
(Former
Name or Former Address, if Changed Since Last Report)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))
Item
2.03
|
Creation
of a Direct Financial Obligation or an Obligation under an Off-Balance
Sheet Arrangement of a Registrant
|
As
reported in its report on Form 8-K filed with the Commission on June 2, 2010,
Vuzix Corporation (the “Company”) and Kopin Corporation (“Kopin”) are parties to
a revolving line of trade credit agreement (the “Credit Agreement”), pursuant to
which Kopin extended to the Company a revolving line of credit of up to $250,000
in principal amount to finance the Company’s purchase of microdisplays from
Kopin. The Company and Kopin have entered into an agreement to
increase the amount of credit available under the Credit Agreement from $250,000
to $500,000. That amendment was effective upon its approval by the
TSX Venture Exchange, which was obtained on October 21, 1010. With
the exception of the increase in the amount of the line of credit, the terms of
the Credit Agreement remain unchanged.
Pursuant
to the amendment to the credit agreement, the Company issued to Kopin a warrant
to purchase up to 555,555 shares of the Company’s common stock at an exercise
price of CDN$0.12 per share. The warrant is exercisable at any time until the
earlier to occur of: (i) the later of (a) the maturity date of the promissory
note issued pursuant to the Credit Agreement, as amended, and (b) such time as
the Company’s obligations under the Credit Agreement, as amended, have been paid
in full; (ii) May 21, 2015 (iii) five (5) business days after the date when no
advances under the Credit Agreement, as amended (“Advances”) are outstanding and
either and either (a) Kopin has declined to make any further Advances because
there shall have been an event or circumstance or change in condition that has
or could reasonably be expected to have a material adverse effect on the Company
its operations or its business or (b) the obligation of Kopin to make any
further Advances has terminated or expired.
The
foregoing description is qualified in its entirety by reference to the copies of
the credit agreement, security agreement and common stock purchase warrant
attached to the Company’s its report on Form 8-K filed with the Commission on
June 2, 2010 and to the Amendment to the credit agreement and the common stock
purchase warrant attached hereto as Exhibits 10.1 and 4.1 respectively, which
are incorporated herein by reference. A copy of the press release issued by the
Company in connection with the amendment to the credit agreement is attached
hereto as Exhibit 99.1.
Item
3.02
|
Unregistered
Sales of Equity Securities
|
The
information set forth in Item 2.03 of this Current Report on Form 8-K
regarding the Amendment to Credit Facility is incorporated by reference in this
Item 3.02.
Item
9.01
|
Financial
Statements and Exhibits
|
(d)
|
Exhibits
|
|
4.1
|
Common
Stock Purchase Warrant dated as of October 21, 2010 issued by the Company
to Kopin Corporation.
|
|
10.1
|
Amendment
to Revolving Line of Trade Credit Agreement dated as of October 8, 2010 by
and between the Company and Kopin
Corporation.
|
|
99.1
|
Press
release issued by the Company on October 25,
2010.
|
2
SIGNATURES
Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly
authorized.
Date:
October 27, 2010
|
VUZIX
CORPORATION
|
|
By:
|
/s/ Paul J. Travers
|
|
Paul
J. Travers
Chief
Executive Officer and
President
|
3