TIDMTEK
RNS Number : 9409V
Tekcapital plc
15 August 2022
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the Company's obligations under Article 17 of MAR.
15 August 2022
Tekcapital Plc
("Tekcapital", the "Company" or the "Group")
Portfolio Company Update: Lucyd Ltd ("Lucyd")
Innovative Eyewear Inc. Announces Pricing of US$7.35 Million
Initial Public Offering
Tekcapital Plc (AIM: TEK, OTCQB: TEKCF), the UK intellectual
property investment group focused on transforming university
technologies into valuable products that can improve people's
lives, is pleased to announce that Innovative Eyewear Inc. a
subsidiary of portfolio company Lucyd, has announced pricing of its
US$7.35 million Initial Public Offering.
Innovative Eyewear, Inc. ("Innovative Eyewear") (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 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, with each warrant exercisable for one
share of common stock, at a combined offering price of US$7.50, for
gross proceeds of approximately US$7.35 million, before deducting
underwriting discounts and offering expenses. The warrants will be
immediately exercisable at an exercise price of US$7.50 per share
and will expire five years from the date of issuance. 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
294,000 warrants to purchase up to shares of common stock (ordinary
shares) 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 Innovative Eyewear.
Innovative Eyewear's 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.
Innovative Eyewear 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 Innovative Eyewear'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 US Securities and Exchange Commission ("SEC"), which
became effective on August 4, 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 Innovative Eyewear 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(R). For more information, please
visit www.lucyd.co .
Tekcapital currently owns 100% of the share capital of Lucyd Ltd
and 5,189,086 shares (approximately 70% post-IPO) of its U.S.
operating subsidiary, Innovative Eyewear, Inc. Assuming the
offering is fully subscribed, at the initial public offering price,
Innovative Eyewear will have a market capitalization of
approximately US$55m.
For further information, please contact:
Tekcapital Plc Via Flagstaff
Clifford M. Gross, Ph.D.
SP Angel Corporate Finance LLP
(Nominated Adviser and Broker) +44 (0) 20 3470 0470
Richard Morrison/Charlie Bouverat (Corporate
Finance)/Abigail Wayne / Rob Rees (Corporate
Broking)
Flagstaff Strategic and Investor Communications +44 (0) 20 7129 1474
Tim Thompson/Andrea Seymour/Fergus Mellon
About Tekcapital plc
Tekcapital creates value from investing in new,
university-developed discoveries that can enhance people's lives
and provides a range of technology transfer services to help
organisations evaluate and commercialise new technologies.
Tekcapital is quoted on the AIM market of the London Stock Exchange
(AIM: symbol TEK) and is headquartered in the UK. For more
information, please visit www.tekcapital.com .
LEI: 213800GOJTOV19FIFZ85
Forward-Looking Statements
This press release is for informational purposes only. The
information herein does not constitute investment advice nor an
offer to invest and may contain statements related to our future
business and financial performance and future events or
developments involving Innovative Eyewear, Inc., Lucyd or
Tekcapital that may constitute forward-looking statements. These
statements may be identified by words such as "expect," "look
forward to," "anticipate" "intend," "plan," "believe," "seek,"
"estimate," "will," "project" or words of similar meaning. We may
also make forward-looking statements in other reports, in
presentations, in material delivered to customers, stakeholders and
in press releases. In addition, our representatives may from time
to time make oral forward-looking statements. Such statements may
be based on the current expectations and certain assumptions of
Tekcapital or Lucyd's management. Please note that these are
subject to a number of risks, uncertainties and factors, including,
but not limited to those described in various disclosures. Should
one or more of these risks or uncertainties materialize, or should
underlying expectations not occur or assumptions prove incorrect,
actual results, performance or achievements of Innovative Eyewear
Inc., Lucyd and/or Tekcapital may vary materially from those
described explicitly or implicitly in the relevant forward-looking
statement. Neither Innovative Eyewear Inc, Lucyd nor Tekcapital
intends, nor assumes any obligation, to update or revise these
forward-looking statements in light of developments which differ
from those anticipated.
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