Innovative Eyewear, Inc., the company behind the Lucyd®, Nautica®, Eddie Bauer®, and Reebok® smart eyewear brands, has successfully secured significant funding through a recent transaction. The company announced the completion of the exercise of certain outstanding warrants, resulting in a total of $633,495 in gross proceeds. This addition brings the company’s total funds raised since the beginning of the second quarter of 2024 to approximately $8 million.
The warrant exercise, facilitated by H.C. Wainwright & Co. as the placement agent, involved the purchase of 126,699 shares of the company’s common stock at a reduced exercise price of $5.00 per share. These shares were originally issued in June 2023 with an exercise price of $21.00 per share.
Innovative Eyewear plans to use the proceeds from this financing for various strategic initiatives. These include the development and launch of their upcoming Armor Smart Safety Glasses product line, scheduled for release in the fourth quarter of 2024. The company also plans to introduce Reebok ChatGPT-enabled sports glasses in the first quarter of 2025. The funds will also be used to support marketing efforts for their Lucyd, Nautica, and Eddie Bauer branded products across major online retailers such as Amazon, BestBuy.com, and Target.com. Additional funds will be allocated to working capital and general corporate purposes.
As part of this transaction, Innovative Eyewear issued new unregistered Series A and Series B warrants to purchase shares of common stock. These warrants have an exercise price of $5.00 per share and are exercisable immediately. The Series A warrants expire five and one-half years from the date of issuance, while the Series B warrants expire eighteen months from the date of issuance.
Innovative Eyewear’s CEO, Harrison Gross, commented on the successful financing: “The net proceeds from the financings in the last few months have greatly strengthened the Company’s balance sheets. We intend to utilize these net proceeds for our upcoming Armor Smart Safety Glasses product line, expected to launch in the fourth quarter of 2024, Reebok ChatGPT-enabled sports glasses, expected to launch in the first quarter of 2025, marketing of Lucyd, Nautica and Eddie Bauer branded products on Amazon, BestBuy.com, and Target.com and for working capital and general corporate purposes.”
