Innovative Eyewear, Inc. Announces $1.025 Million Registered Direct Offering Priced At-the-Market Under Nasdaq Rules

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[{"type":"text","content":" MIAMI, April 29, 2024 /PRNewswire/ -- Innovative Eyewear, Inc. (\"Innovative Eyewear\" or the \"Company\") (Nasdaq: LUCY; LUCYW), the developer and seller of smart eyewear, today announced that it has entered into a definitive agreement for the issuance and sale of 4,200,822 shares of its common stock at a purchase price per share of $0.244 in a registered direct offering priced at-the-market under Nasdaq rules. Additionally, in a concurrent private placement, Innovative Eyewear has also agreed to issue 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. The offering is expected to close on or about May 1, 2024, subject to the satisfaction of customary closing conditions.\n\n \n \n \n \n \n \n\n \nH.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.\nThe gross proceeds to Innovative Eyewear from the offering are expected to be 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.\nThe 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 are being 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 are being 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 will be filed with the SEC and will be available on the SEC's website located at http://www.sec.gov. Electronic copies of the prospectus supplement and accompanying base prospe...

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