Capital Stock |
9 Months Ended |
|---|---|
Sep. 30, 2023 | |
| Capital Stock | |
| Capital Stock | Note 10 – Capital Stock Preferred stock The Board of Directors is authorized to establish and designate different series of preferred stock and to fix and determine their voting powers and other rights and terms. A total of 5,000,000 shares of preferred stock with a par value of $0.001 are authorized as of September 30, 2023, and December 31, 2022. Of this total, 49,626 shares are designated as Series A Preferred Stock. There were nil shares of Series A Preferred Stock issued and outstanding on September 30, 2023, and December 31, 2022. Common Stock The Company’s authorized common stock consists of 100,000,000 shares, par value of $0.001. There were 63,907,280 shares issued and 63,327,608 shares outstanding as of September 30, 2023, and 63,783,779 shares issued and 63,319,107 shares outstanding as of December 31, 2022. In connection with the Atomistic Technology Licenses discussed in Note 6, the Company will, upon completion of certain deliverables and the achievement of milestones contained in the Atomistic Agreements, be committed to pay $2,500,000 and to issue, depending on the Company’s share price within a $13.00 to $8.00 range at the time of their issuance, a minimum of 1,750,000 up to a maximum of 2,874,754 common shares to the stockholders of Atomistic (as a portion of the consideration for certain shares of Atomistic) which would result in Vuzix owning Series A Preferred shares in Atomistic that could ultimately be converted into ordinary shares of Atomistic and Vuzix ultimately owning 100% of Atomistic. The share issuances by the Company are expected to be issued over the next to . Treasury Stock On March 2, 2022, our Board of Directors approved the Company to repurchase up to an aggregate of $25 million of our common stock by open market or privately negotiated transactions under the Share Buyback Program. This program was in effect for one year and expired on March 2, 2023. During the three months ended March 31, 2023, the Company repurchased 115,000 shares of our common stock at an average cost of $4.06, before commission of $0.03 per share. As of September 30, 2023, 579,672 shares of our common stock were held in treasury. |