MIAMI, Sept. 23,
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, today announced the entry into
definitive agreements for the immediate exercise of certain
outstanding warrants to purchase an aggregate of
263,160 shares of the Company's common stock originally issued
by the Company on May 29, 2024, each having an original
exercise price of $9.50 per share, at an exercise price
of $9.875 per share. The closing of the warrant exercise
transaction is expected to occur on or about September 24,
2024, subject to satisfaction of customary closing conditions.
H.C. Wainwright & Co. is acting as the exclusive placement
agent for the offering.
The shares of common stock issuable upon exercise of the
warrants are registered pursuant to an effective registration
statement on Form S-1 (File No. 333-279873).
The gross proceeds to the Company from the exercise of the
warrants are expected to be approximately $2.6 million, prior
to deducting placement agent fees and offering expenses. The
Company expects to use the net proceeds from the transaction for
working capital and general corporate purposes.
In consideration for the immediate exercise of the warrants for
cash, the Company will issue new unregistered Series E warrants to
purchase up to an aggregate of 263,160 shares of common stock
and new unregistered Series F warrants to purchase up to an
aggregate of 526,320 shares of common stock. The new Series E and
Series F warrants will have an exercise price
of $9.50 per share. The new Series E warrants will be
exercisable immediately and will expire five years from the date of
issuance and the new Series F warrants will be exercisable
immediately and will expire eighteen months from the date of
issuance.
The new warrants described above are being 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. The Company has agreed to file a
registration statement with the Securities and Exchange Commission
("SEC") as soon as practicable and within 30 days covering the
resale of the shares of common stock issuable upon exercise of the
new warrants.
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
satisfaction of customary closing conditions, the intended use of
proceeds from the offering, the anticipated closing of the offering
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 SEC, including
its annual report on Form 10-K under the caption "Risk Factors"
filed with the SEC on March 25, 2024.
Investor Relations Contact:
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.