Innovative Eyewear Board Approves Adoption Of Limited Duration Stockholder Rights Plan

(RTTNews) - Innovative Eyewear Inc. (LUCY) announced that its board has approved the adoption of a limited duration stockholder rights plan and declared a dividend distribution of one right for each outstanding share of common stock. The record date for such dividend distribution is September 25, 2024.

The Rights Plan expires, without any further action being required to be taken by Innovative Eyewear's Board of Directors, on September 25, 2025 or at such earlier time as disclosed in the Rights Plan.

According to the company, the adoption of the Rights Plan is intended to enable all Innovative Eyewear stockholders to realize the full potential value of their investment in the company and to protect the interests of the company and its stockholders by reducing the likelihood that any person or group gains control of Innovative Eyewear through open market accumulation or other tactics without paying an appropriate control premium.