Kits Eyecare Ltd. (KITS), a leading vertically integrated eyecare provider, is pleased to announce the closing of the over-allotment option in connection with its previously announced secondary offering of common shares. This over-allotment option resulted in the purchase of 168,750 additional common shares by the underwriters, generating gross proceeds of $1,712,812.50 for the selling shareholders.
Canaccord Genuity Corp., acting as sole bookrunner and co-lead underwriter, along with Beacon Securities Limited as co-lead underwriter, on behalf of a syndicate of underwriters, exercised the over-allotment option in full. The shares were purchased on a bought deal basis from 0999849 B.C. Ltd, an entity controlled by Roger Hardy, LD Group Holdings Ltd., controlled by Arshil Abdulla, and Joseph Thompson.
Following the closing of the over-allotment option, Roger Hardy now directly or indirectly owns or controls approximately 28.5% of the issued and outstanding common shares. Similarly, the LD Group holds approximately 33.2% of the shares, while Joseph Thompson controls about 0.7%. Collectively, KITS’ insiders now own approximately 74.7% of the issued and outstanding common shares.
This successful over-allotment option further solidifies KITS’ financial position and fuels its growth strategy. The company continues to focus on providing accessible and convenient eyecare solutions through its vertically integrated digital platform, offering a wide range of contact lenses, eyeglasses, and online vision tools. KITS also designs its own exclusive eyewear products, ensuring quality and affordability.
KITS is dedicated to revolutionizing the eyecare industry through cutting-edge technologies, including online eyewear fitting tools and virtual try-on experiences. The company strives to deliver a seamless and enjoyable customer experience by offering competitive prices, convenient digital shopping, fast and reliable delivery, and a commitment to building long-term trust with its customers.
