MIAMI, FL – Innovative Eyewear Inc. (NASDAQ:LUCY), a Florida-based company specializing in ophthalmic goods, announced today an expansion of its common stock offering under its existing At The Market (ATM) agreement with H.C. Wainwright & Co.
The expansion allows for the issuance of additional shares of the company's common stock, par value $0.00001 per share. This move, detailed in a prospectus supplement filed on Thursday, July 11, 2024, increases the maximum number of shares available for sale through the ATM offering.
Innovative Eyewear initially entered into the ATM agreement on April 15, 2024. The legal opinion regarding the issuance and sale of the new shares was provided by Ellenoff Grossman & Schole LLP, as attached to the current report.
The company's common stock and warrants are both listed on The Nasdaq Stock Market under the tickers LUCY and LUCYW, respectively. Innovative Eyewear has been identified as an emerging growth company, which may influence its reporting requirements and transition periods for compliance with new or revised financial accounting standards.
The expansion of the ATM offering is a strategic step for Innovative Eyewear as it seeks to raise capital in a flexible manner. By increasing the number of shares available, the company can potentially tap into the market on an as-needed basis, depending on its capital needs and market conditions.
In other recent news, Innovative Eyewear, Inc. has made several significant moves. The company announced a registered direct offering and concurrent private placement, intending to issue over five million shares of common stock at $0.475 per share. This move is expected to generate gross proceeds of approximately $2.5 million, which will be directed towards working capital and general corporate purposes, according to H.C. Wainwright & Co., the exclusive placement agent for the offering.
In a similar development, the company also disclosed plans for another registered direct offering and private placement. This time, around four million shares of common stock are set to be issued at $0.244 per share, aiming to raise approximately $1.025 million in gross proceeds. H.C. Wainwright & Co. will again serve as the placement agent.
Innovative Eyewear has also filed two new patent applications and received notices of allowance for three design patents in the United States. These patents are tied to a new line of smart safety glasses named Lucyd Armor, targeting the personal protective equipment market. The utility patent focuses on the functional aspects of the smart safety glasses, while the design patent pertains to their ornamental design.
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