Innovative Eyewear to raise $3M through warrant exercise at reduced price

Innovative Eyewear, Inc. (Nasdaq: LUCY) announced an agreement for the immediate exercise of outstanding warrants to purchase 2,200,544 shares of common stock at a reduced exercise price of $1.35 per share, down from the original price of $2.60 per share.

The warrants were originally issued on April 14, 2025, and June 24, 2025. The closing of the transaction is expected to occur on or about July 9, 2026, subject to customary closing conditions. H.C. Wainwright & Co. is acting as exclusive placement agent.

The company expects to receive approximately $3.0 million in gross proceeds from the warrant exercise, before placement agent fees and other offering expenses.

In connection with the transaction, Innovative Eyewear will issue new unregistered short-term Series J warrants to purchase up to 6,601,632 shares of common stock at an exercise price of $1.10 per share. The Series J warrants will be exercisable immediately upon issuance and will expire 24 months from the effective date of a resale registration statement. If fully exercised on a cash basis, the Series J warrants could generate an additional approximately $7.25 million in gross proceeds, though the company cautioned that no assurance can be given that any of the new warrants will be exercised.

The company stated it intends to use net proceeds for working capital and general corporate purposes.

The Series J warrants and the shares issuable upon their exercise have not been registered under the Securities Act of 1933. The company said it has agreed to file a resale registration statement with the Securities and Exchange Commission covering those shares.

You May Also Be Interested In

• OpenAI: after the Hugging Face incident, we committed to conducting a much broader review of actions taken by our models
• Heidi L. O'Neill resigns from Lithia Motors board
• Corteva to spin off Vylor as public company on Oct. 1