Innovative Eyewear Secures $4.8M Via Warrant Exercises And Inducement Agreement

(RTTNews) - Innovative Eyewear, Inc. (LUCY), announced Monday that it has raised $4.8 million in gross proceeds through a combination of warrant inducement and exercises.

The company secured $2.2 million from a warrant inducement transaction involving the immediate exercise of 746,782 warrants at $2.60 per share, with H.C. Wainwright & Co. acting as exclusive placement agent.

As part of this transaction, Innovative Eyewear will issue 2.24 million new Series I warrants (unregistered) with an 18-month term and a $2.60 exercise price.

In addition, the company received $2.6 million from the exercise of 986,532 warrants by investors over the past 30 days at the same $2.60 price.

Proceeds from these transactions are expected to be used for working capital and general corporate purposes.

The combined transactions enhance the company's financial position as it continues to expand its smart eyewear product lines.

Currently, LUCY is trading at $2.47, down by 30.30 percent on the Nasdaq.