MIAMI, May 29, 2024
/PRNewswire/ -- Innovative Eyewear, Inc. ("Innovative Eyewear" or
the "Company") (Nasdaq: LUCY; LUCYW), the developer and seller of
smart eyewear, today announced the closing of its previously
announced registered direct offering priced at-the-market under
Nasdaq rules for the issuance and sale of 5,263,161 shares of its
common stock at a purchase price per share of $0.475. Additionally, in a concurrent private
placement, Innovative Eyewear has also issued unregistered warrants
to purchase up to 5,263,161 shares of common stock at an exercise
price of $0.475 per share. The
unregistered warrants are exercisable immediately upon issuance and
will expire five (5) years from the date of issuance.
H.C. Wainwright & Co. acted
as the exclusive placement agent
for the offering.
The gross proceeds to Innovative Eyewear from the offering were
approximately $2.5 million,
before deducting the placement agent's fees and other offering
expenses. The
Company currently intends to use the net proceeds
from the offering for working capital and
general corporate purposes.
The shares of common stock offered in the registered direct
offering (but excluding the unregistered warrants or the shares of
common stock underlying such unregistered warrants) described above
were offered pursuant to a "shelf" registration statement on Form
S-3 (Registration No. 333-276938), including a base prospectus,
previously filed with the Securities and Exchange Commission
("SEC") on February 7, 2024, and
declared effective by the SEC on March 29,
2024. The offering of the shares of common stock were made
only by means of a prospectus, including a prospectus supplement,
forming a part of the effective registration statement. A final
prospectus supplement and an accompanying base prospectus relating
to, and describing the terms of, the registered direct offering was
filed with the SEC and is available on the SEC's website located
at http://www.sec.gov. Electronic copies of the prospectus
supplement and accompanying base prospectus relating to
the registered direct offering, may also be obtained from
H.C. Wainwright & Co., LLC at 430 Park Ave., New York, New York 10022, by telephone at
(212) 856-5711, or by email at placements@hcwco.com.
The offer and sale of the unregistered warrants were made in a
transaction not involving a public offering and have not been
registered under Section 4(a)(2) of the Securities Act of 1933, as
amended (the "Securities Act") and/or Rule 506(b) of Regulation D
promulgated thereunder and, along with the shares of common stock
underlying such unregistered warrants, have not been registered
under the Securities Act or applicable state securities laws.
Accordingly, the unregistered warrants and the underlying shares of
common stock may not be reoffered or resold in the United States except pursuant to an
effective registration statement or an applicable exemption from
the registration requirements of the Securities Act and such
applicable state securities laws.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
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 those relating to the intended use of proceeds from the
offering. 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 are set forth in the
Company's filings with the Securities and Exchange Commission,
including its annual report on Form 10-K under the caption "Risk
Factors."
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.