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MIAMI, April 11, 2025 /PRNewswire/ -- Innovative Eyewear, Inc. ("Innovative Eyewear" or the "Company") (Nasdaq: LUCY), the developer of smart eyewear under the Lucyd®, Nautica®, Eddie Bauer® and Reebok® brands, today announced the entry into definitive agreements for the immediate exercise of certain outstanding warrants to purchase an aggregate of 601,686 shares of the Company's common stock originally issued by the Company on September 4, 2024 and September 24, 2024, having original exercise prices of $5.00 and $9.50 per share, respectively, at a reduced exercise price of $2.60 per share. The closing of the warrant exercise transaction is expected to occur on or about April 14, 2025, subject to satisfaction of customary closing conditions.
H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.
The shares of common stock issuable upon exercise of the warrants are registered pursuant to an effective registration statement on Form S-1, as amended (File No. 333-282472).
The gross proceeds to the Company from the exercise of the warrants are expected to be approximately $1.8 million, prior to deducting placement agent fees and offering expenses. The Company expects to use the net proceeds from the transaction for working capital and general corporate purposes.
In consideration for the immediate exercise of the warrants for cash, the Company will issue new unregistered Series G warrants to purchase up to an aggregate of 221,895 shares of common stock and new unregistered Series H warrants to purchase up to an aggregate of 1,741,059 shares of common stock, each at a purchase price of $0.125 per warrant. The new Series G and Series H warrants will have an exercise price of $2.60 per share. The new Series G warrants will be exercisable immediately and will expire five and one-half years following the effective date of the resale registration statement registering the shares of common stock issuable upon exercise of the Series G warrants and the new Series H warrants will be exercisable immediately and will expire eighteen months following the effective date of the resale registration statement registering the shares of common stock issuable upon exercise of the Series H warrants.
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. The Company has agreed to file a registration statement with the Securities and Exchange Commission ("SEC") as soon as practicable and within 30 days covering the resale of the shares of common stock issuable upon exercise of the new warrants.