MIAMI, Aug. 14,
2022 /PRNewswire/ -- Innovative Eyewear, Inc.
("Innovative Eyewear" or the "Company") (NASDAQ: LUCY;
LUCYW), a developer and retailer of cutting-edge
eyeglasses and sunglasses designed to allow the users to remain
connected to their digital lives, today announced the pricing of
its initial public offering of 980,000 units consisting of 980,000
shares of its common stock and two accompanying Warrants to
purchase up to 1,960,000 shares of common stock. Each share of
common stock is being sold together with two Warrants, each to
purchase one share of common stock with an exercise price of
$7.50 per share at a combined
offering price of $7.50, for gross
proceeds of approximately $7.35
million, before deducting underwriting discounts and
offering expenses. In addition, Innovative Eyewear has granted the
underwriters a 45-day option to purchase up to an additional
147,000 shares of common stock and/or Warrants to purchase up to
294,000 shares of common stock to cover over-allotments at the
initial public offering price, less the underwriting discount. All
of the shares of common stock and warrants are being offered by the
Company.
The shares of common stock and warrants are expected to begin
trading on the Nasdaq Capital Market on August 15, 2022, under the symbols "LUCY" and
"LUCYW," respectively. The offering is expected to close on
August 17, 2022, subject to
satisfaction of customary closing conditions.
The Company intends to use substantially all of the net proceeds
from the offering for advancing its sales and marketing, expanding
inventory, updating and producing in-store displays, developing new
styles and sizes of the Company's smart eyewear, and for working
capital and other general corporate purposes.
Maxim Group LLC is acting as the sole book-running manager in
connection with the offering.
A registration statement on Form S-1 (File No. 333-261616) was
filed with the Securities and Exchange Commission ("SEC"), which
became effective on August 12, 2022.
A final prospectus relating to the offering will be filed with the
SEC and will be available on the SEC's website at
http://www.sec.gov. The offering is being made only by means of a
prospectus forming part of the effective registration statement.
Electronic copies of the prospectus relating to this offering, when
available, may be obtained from Maxim Group LLC, 300 Park Avenue,
16th Floor, New York, New York
10022, at (212) 895-3745. Before investing in this offering,
interested parties should read in its entirety the registration
statement that the Company has filed with the SEC, which provides
additional information about the Company and this offering.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such an
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or
jurisdiction.
About Innovative Eyewear, Inc.
Innovative Eyewear is a developer and retailer of smart eyewear,
which are designed to allow the users to remain connected to their
digital lives, while also offering prescription eyewear and sun
protection. The Company believes that traditional frames, no matter
how attractive, do not possess the functionality that many eyeglass
wearers need and want. Smart eyewear is a multifunctional product
that addresses the needs of the optical, hearables and digital
assistant markets. We believe that the Company's products are well
positioned in this rapidly growing wearables ecosystem, with the
mission to Upgrade Your Eyewear®. For more information,
please visit www.lucyd.co.
Forward Looking Statements
This press release contains certain forward-looking statements,
including those relating to the anticipated timing of completion of
the offering and other statements that are predictive in nature.
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.
These forward-looking statements include, but are not limited to,
statements regarding the intended use of proceeds, expected date
the Company's common stock and warrants will begin trading, the
satisfaction of customary closing conditions and the expected date
of the closing of the offering. The Company undertakes no
obligation to publicly update any forward-looking statement,
whether as a result of new information, future events or otherwise.
Important factors that could cause actual results to differ
materially from those in the forward-looking statements are set
forth in the Company's filings with the Securities and Exchange
Commission, including its registration statement on Form S-1, as
amended from time to time, under the caption "Risk Factors."
Investor Relations Contact:
Scott Powell
Skyline Corporate Communications Group, LLC
Office: +1 (646) 893-5835
Email: scott@skylineccg.com
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SOURCE Innovative Eyewear, Inc.