Innovative Eyewear, Inc., the company behind smart eyewear brands like Lucyd®, Nautica®, Eddie Bauer®, and Reebok®, has announced a significant financial boost through the immediate exercise of certain outstanding warrants. This move, which is expected to close on or about September 4, 2024, will see the company acquire an aggregate of 126,699 shares of its common stock at a reduced exercise price of $5.00 per share.
The exercise of these warrants is expected to generate gross proceeds of approximately $633,495 for Innovative Eyewear. This capital injection will be used to strengthen the company’s working capital and support general corporate purposes, ultimately contributing to its continued growth and development.
In exchange for the immediate cash exercise of these warrants, Innovative Eyewear will issue new unregistered Series A and Series B warrants. These new warrants will also have an exercise price of $5.00 per share but will differ in their expiration dates. Series A warrants will be exercisable immediately and will expire five and a half years from issuance, while Series B warrants will also be exercisable immediately but will expire after eighteen months.
H.C. Wainwright & Co. is acting as the exclusive placement agent for this offering. The shares of common stock issuable upon exercise of the warrants are registered under an effective registration statement on Form S-1. 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.
This move highlights Innovative Eyewear’s commitment to leveraging opportunities to fuel its growth trajectory. With a clear focus on working capital and general corporate purposes, the company is poised to continue its journey of innovation and expansion within the smart eyewear market.
