In a recent 8-K filing with the U.S. Securities and Exchange Commission, Florida-based Innovative Eyewear Inc. (NASDAQ:LUCY) announced a one-for-twenty reverse stock split of its common stock, set to take effect on July 16, 2024. The decision was ratified by the company's shareholders during a general meeting held on Monday.
The reverse stock split will consolidate every twenty shares of existing common stock into one share, without modifying the par value per share. Post-split, the total number of outstanding shares will decrease from approximately 27.89 million to about 1.39 million. The company clarified that fractional shares will not be issued; instead, shareholders will receive rounded up whole shares in lieu of fractions.
This corporate action will also proportionally adjust the shares underlying outstanding stock options and warrants, along with their respective exercise prices. However, the authorized number of shares under the company's Articles of Incorporation will remain unchanged.
Innovative Eyewear's common stock will begin trading on a split-adjusted basis from July 18, 2024, retaining its current ticker symbol "LUCY". The company's transfer agent, VStock Transfer LLC, will manage the exchange process for the reverse stock split and communicate with registered shareholders accordingly. Shareholders holding shares through brokers or nominees will see their holdings automatically adjusted to reflect the reverse stock split.
Additionally, at the annual meeting, shareholders elected Harrison Gross, Kristen McLaughlin, Louis Castro, and Olivia Bartlett to the company's board of directors to serve until the next annual meeting in 2025. Shareholders also ratified the appointment of Cherry Bekaert LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2024.
The filing indicated approval for the issuance of common stock upon the exercise of certain warrants issued by the company as per NASDAQ Listing Rule 5635(d). The information provided in this article is based on the statements from the press release.
In other recent news, Innovative Eyewear, a developer of smart eyewear, has announced two significant stock offerings. The first stock offering aims to generate gross proceeds of approximately $2.5 million, with the company issuing over 5 million shares at $0.475 per share.
Concurrently, the company is planning a private placement of unregistered warrants. The second stock offering is set to raise around $1.025 million by issuing over 4 million shares at $0.244 per share, accompanied by a similar private placement of unregistered warrants.
Both offerings are managed by H.C. Wainwright & Co., and the net proceeds will be utilized for working capital and general corporate purposes.
Moreover, Innovative Eyewear has filed two new patent applications and received notices of allowance for three design patents in the United States, indicating advancements in its product offerings. The company is preparing to launch a new line of smart safety glasses named Lucyd Armor, targeting the personal protective equipment market.
The recently filed patents focus on the functional aspects and the ornamental design of these smart safety glasses. These are the latest developments in Innovative Eyewear's continuous efforts to cater to the needs of various sectors, including industrial and medical, where safety glasses are required.
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