Business
Innovative Eyewear, Inc. Announces Closing of $7.35 Million Initial Public Offering
MIAMI, Aug. 17, 2022 /PRNewswire/ -- Innovative Eyewear, Inc. ("Innovative Eyewear" or the "Company") (NASDAQ: LUCY; LUCYW), a developer and retailer of
About this update from Innovative Eyewear, Inc.
[{"type":"text","content":"MIAMI, Aug. 17, 2022 /PRNewswire/ -- Innovative Eyewear, Inc. (\"Innovative Eyewear\" or the \"Company\") (NASDAQ: LUCY; LUCYW), a developer and retailer of cutting-edge eyeglasses and sunglasses designed to allow the users to remain connected to their digital lives, today announced the closing of its previously announced initial public offering of 980,000 units consisting of 980,000 shares of its common stock and 1,960,000 Warrants to purchase 1,960,000 shares of common stock at a combined offering price of $7.50 per unit, for gross proceeds of approximately $7.35 million, before deducting underwriting discounts and offering expenses. Each share of common stock was sold together with two Warrants, each Warrant to purchase one share of common stock with an exercise price of $7.50 per share. In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 147,000 shares of common stock and/or warrants to purchase up to an additional 294,000 shares of common stock to cover over-allotments, of which Maxim Group LLC has exercised its option to purchase additional warrants to purchase 294,000 shares of common stock. \n\n \n \n \n \n \n \n\n \nThe shares of common stock and warrants began trading on The Nasdaq Capital Market on August 15, 2022, under the symbols \"LUCY\" and \"LUCYW,\" respectively. \nThe Company intends to use substantially all of the net proceeds from the offering for advancing its sales and marketing, expanding inventory, updating and producing in-store displays, developing new styles and sizes of the Company's smart eyewear, and for working capital and other general corporate purposes.\nMaxim Group LLC acted as the Sole book-running manager in connection with the offering.\nA registration statement on Form S-1, as amended (File No. 333-261616) was filed with the Securities and Exchange Commission (\"SEC\"), which became effective on August 12, 2022. A final prospectus relating to the offering was filed with the SEC and is available on the SEC's website at http://www.sec.gov. The offering was made only by means of a prospectus forming part of the effective registration statement. Electronic copies of the prospectus relating to this offering, may be obtained from Maxim Group LLC, 300 Park Avenue, 16th Floor, New York, New York 10022, at (212) 895-3745.\nThis press release shall n...