Innovative Eyewear's IPO Is Expected to Raise More Than $7 Million
Innovative Eyewear, Inc., which markets under the brand Lucyd, is going public on August 15, 2022. The stock will trade on the Nasdaq Capital Market under the symbols “LUCY” and “LUCYW."
Aug. 15 2022, Published 11:34 a.m. ET
The smart eyewear company Innovative Eyewear, Inc., which markets under the brand Lucyd, is going public on August 15, 2022. The stock will trade on the Nasdaq Capital Market under the symbols “LUCY” and “LUCYW,” reports Yahoo, and the offering is expected to close on Aug. 17.
Keep reading to find out how much Innovative Eyewear’s IPO is expected to raise and what the proceeds will be used for.
Innovative Eyewear, Inc.’s IPO is expected to raise $7.25 million.
The trendy eyewear company that lets you stay connected to your digital life via its fashionable glasses will make 980,000 shares of common stock and “two accompanying Warrants to purchase up to 1,960,000 shares of common stock” available for its IPO, according to Yahoo. Each share of Innovative Eyewear stock is reportedly being sold “together with two Warrants.”
A stock warrant is a contract that affords the shareholder the right to buy or sell shares of stock from the company. The price and sale date are also specified in the contract.
According to Innovative Eyewear Inc.’s S-1 Prospectus, which was filed with the SEC on Aug. 12, each share will be priced between $7.50 and $9.50, with the presumption each will sell at the midpoint price of $8.50.
The prospectus also notes that the company is offering a 45-day option to the representative of the underwriters to purchase up to 132,352 additional shares of common stock.
Here’s how Innovative Eyewear intends on spending its net proceeds from its IPO.
If Innovative Eyewear’s IPO goes as expected, the company reportedly plans to use the proceeds to expand its sales and marketing efforts, increase inventory, create additional in-store displays, and update those already being utilized.
The smart eyewear company also plans to use its IPO funds to create new styles to add to its current lineup of eyeglasses and “for working capital and other general corporate purposes,” reports Yahoo.
How did Innovative Eyewear, Inc. get started?
Lucyd or Innovative Eyewear was founded by three tech entrepreneurs who were determined to bring a product to market that could keep you connected to your digital life and “improve your quality of life.” The company received its initial funding from Tekcapital plc, an investment firm located in the U.K., and spent much of its first year in business testing and developing its eyewear.
In 2020, the company was able to launch its first beta product, Lucyd Loud 2020. The product comes equipped with audio capabilities and is designed for active individuals. Following the launch of the Lucyd Loud 2020, Innovative Eyewear started a crowdfunding campaign, which it says drew attention from roughly 4,000 investors and raised more than $1 million.
As the company gained more interest and money, it was able to launch yet another product, the Lucyd Lyte line, and the brand is now sold in more than 180 optical stores that are spread out throughout the U.S. and Canada.
