- $2.2 million gross proceeds from warrant inducement transaction
- $2.6 million gross proceeds from additional warrant exercises
MIAMI, June 23, 2025 /PRNewswire/ -- Innovative Eyewear, Inc. ("Innovative Eyewear" or the "Company") (Nasdaq: LUCY), the manufacturer of smart eyewear under the Lucyd®, Lucyd Armor®, Reebok®, Eddie Bauer® and Nautica® brands, today announced the entry into definitive agreements for the immediate exercise of certain outstanding warrants to purchase an aggregate of 746,782 shares of the Company's common stock originally issued by the Company on April 14, 2025, at the current exercise price of $2.60 per share. The closing of the warrant inducement transaction is expected to occur on or about June 24, 2025, subject to satisfaction of customary closing conditions. The shares of common stock issuable upon exercise of the warrants are registered pursuant to an effective registration statement on Form S-1 (File No. 333-287142).
The gross proceeds to the Company from the exercise of the warrants in the warrant inducement transaction are expected to be approximately $2.2 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 addition, over the last 30 days the Company has received aggregate gross proceeds of approximately $2.6 million from the exercise of certain warrants in the ordinary course by investors. Such investors exercised warrants to purchase an aggregate of 986,532 shares of the Company's common stock originally issued by the Company on April 14, 2025, at the original exercise price of $2.60 per share.