MIAMI, May 1, 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 4,200,822 shares of
its common stock at a purchase price per share of $0.244. Additionally, in a concurrent private placement, Innovative
Eyewear has also issued unregistered warrants to purchase up
to 4,200,822 shares of common stock at an exercise price of
$0.244 per share. The
unregistered warrants will be exercisable beginning on the
effective date of stockholder approval of the issuance of the
shares issuable upon exercise of the warrants and will expire five
years from the date of stockholder approval.
H.C. Wainwright & Co. acted
as the exclusive placement agent
for the offering.
The gross proceeds to Innovative Eyewear from the offering were
approximately $1.025 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 was 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 and receipt of stockholder approval. 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.