Brief: Vuzix Corp Decision To Cease Further Funding Its Development Activities With Atomistic Sas

Vuzix

03/07/2024 18:21

July 3 (Reuters) - Vuzix Corp  VUZI.O :
    * VUZIX CORP: DECISION TO CEASE FURTHER FUNDING ITS
DEVELOPMENT
ACTIVITIES WITH ATOMISTIC SAS
    * VUZIX: WILL RETAIN EQUITY INTEREST IN ATOMISTIC, RIGHT TO
APPOINT MEMBER TO ATOMISTIC BOARD, CERTAIN OTHER RIGHTS AS
EQUITY OWNER
    * VUZIX CORP -CO’S CFO SAID CO WILL BE REQUIRED TO INCUR
MATERIAL
CHARGE FOR IMPAIRMENT UNDER GENERALLY ACCEPTED ACCOUNTING
PRINCIPLES, UP TO $32.2 MILLION
    * VUZIX CORP -ANTICIPATES THAT IMPAIRMENT CHARGE WILL NOT
RESULT
IN ANY FUTURE CASH EXPENDITURES

Source text for Eikon:  ID:n0001104659-24-077671 
Further company coverage:  VUZI.O 

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