Raises approximately $8
million since the beginning of the second quarter of
2024
MIAMI, Sept. 4,
2024 /PRNewswire/ -- Innovative Eyewear, Inc.
("Innovative Eyewear" or the "Company") (Nasdaq: LUCY), the
developer of smart eyewear under the Lucyd®, Nautica®, Eddie Bauer®
and Reebok® brands, announced today that it closed its previously
announced transaction involving the exercise of certain outstanding
warrants to purchase an aggregate of 126,699 shares of the
Company's common stock originally issued by the Company on
June 26, 2023, each having an
original exercise price of $21.00 per
share, at a reduced exercise price of $5.00 per share.
H.C. Wainwright & Co. acted as the exclusive placement agent
for the offering.
The shares of common stock issued upon exercise of the warrants
are registered pursuant to an effective registration statement on
Form S-1 (File No. 333-272737).
The gross proceeds to the Company from the exercise of the
warrants were approximately $633,495,
prior to deducting placement agent fees and offering expenses.
Including the gross proceeds from this offering, the Company has
raised approximately $8 million in
gross proceeds since the beginning of the second quarter of 2024.
Chief Executive Officer, Harrison
Gross, commented: "the net proceeds from the financings in
the last few months have greatly strengthened the Company's balance
sheets. We intend to utilize these net proceeds for our upcoming
Armor Smart Safety Glasses product line, expected to launch in the
fourth quarter of 2024, Reebok ChatGPT-enabled sports glasses,
expected to launch in the first quarter of 2025, marketing of
Lucyd, Nautica and Eddie Bauer
branded products on Amazon, BestBuy.com, and Target.com and for
working capital and general corporate purposes."
In consideration for the immediate exercise of the warrants for
cash, the Company issued new unregistered Series A warrants to
purchase up to an aggregate of 126,699 shares of common stock and
new unregistered Series B warrants to purchase up to an aggregate
of 126,699 shares of common stock. The new Series A and Series B
warrants have an exercise price of $5.00 per share. The new Series A warrants are
exercisable immediately and will expire five and one-half years
from the date of issuance and the new Series B warrants are
exercisable immediately and will expire eighteen months from the
date of issuance.
The new warrants described above were offered in a private
placement and, along with the shares of common stock issuable upon
exercise of the new warrants, have not been registered under the
Securities Act of 1933, as amended (the "1933 Act"), or applicable
state securities laws. Accordingly, the new warrants and shares of
common stock issuable upon the exercise of the new warrants may not
be offered or sold in the United
States except pursuant to an effective registration
statement or an applicable exemption from the registration
requirements of the 1933 Act and such applicable state securities
laws.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy any of the securities described
herein, nor shall there be any sale of these securities in any
state or other jurisdiction in which such offer, solicitation or
sale would be unlawful prior to the registration or qualification
under the securities laws of any such state or other
jurisdiction.
About Innovative Eyewear, Inc.
Innovative Eyewear is a developer of cutting-edge ChatGPT
enabled smart eyewear, under the Lucyd®, Nautica®, Eddie Bauer® and
Reebok® brands. True to our mission to Upgrade Your Eyewear®, our
Bluetooth audio glasses allow users to stay safely and
ergonomically connected to their digital lives and are offered in
hundreds of frame and lens combinations to meet the needs of the
optical market. To learn more and explore our continuously evolving
collection of smart eyewear, please
visit www.lucyd.co.
Forward Looking Statements
This press release contains certain forward-looking statements,
including but not limited to, those relating to the intended use of
proceeds from the offerings completed since the beginning of the
second quarter of 2024 and the planned launch of the Company's new
product lines. Forward-looking statements are based on the
Company's current expectations and assumptions. The Private
Securities Litigation Reform Act of 1995 provides a safe-harbor for
forward-looking statements. These statements may be identified by
the use of forward-looking expressions, including, but not limited
to, "anticipate," "believe," "continue," "estimate," "expect,"
"future," "intend," "may," "outlook," "plan," "potential,"
"predict," "project," "should," "will," "would" and similar
expressions that predict or indicate future events or trends or
that are not statements of historical matters, but the absence of
these words does not mean that a statement is not forward-looking.
The Company undertakes no obligation to publicly update any
forward-looking statement, whether as a result of new information,
future events or otherwise, except as required by law. Important
factors that could cause actual results to differ materially from
those in the forward-looking statements include, among others,
market and other conditions, and other factors and risks identified
from time to time in the Company's filings with the Securities and
Exchange Commission (the "SEC"), including its annual report on
Form 10-K under the caption "Risk Factors" filed with the SEC on
March 25, 2024.
Investor Relations Contacts:
Innovative Eyewear, Inc.
Scott Powell
Skyline Corporate Communications Group, LLC
Office: +1 (646) 893-5835
Email: scott@skylineccg.com
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SOURCE Innovative Eyewear, Inc.
