MIAMI, Sept. 3,
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 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. The closing of the warrant
exercise transaction is expected to occur on or about September 4, 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. 333-272737).
The gross proceeds to the Company from the exercise of the
warrants are expected to be approximately $633,495, 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 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 will have an exercise price of $5.00 per share. The new Series A warrants will
be exercisable immediately and will expire five and one- half years
from the date of issuance and the new Series B 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 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.
