A model wearing Lucyd Eclipse Bluetooth-connected smart glasses.
MIAMI—Innovative Eyewear, makers of Lucyd (Nasdaq: LUCY/CUCYW) Bluetooth-connected smart glasses, yesterday launched an Initial Public Offering (IPO) that seeks to raise $7.35 million. The company announced the pricing of its IPO of 980,000 units consisting of 980,000 shares of its common stock and two accompanying warrants to purchase up to 1,960,000 shares of common stock. Each share of common stock is being sold together with two warrants, each to purchase one share of common stock with an exercise price of $7.50 per share at a combined offering price of $7.50, for gross proceeds of approximately $7.35 million, before deducting underwriting discounts and offering expenses.

In addition, Innovative Eyewear has granted the underwriters a 45-day option to purchase up to an additional 147,000 shares of common stock and/or warrants to purchase up to 294,000 shares of common stock to cover over-allotments at the initial public offering price, less the underwriting discount. All of the shares of common stock and warrants are being offered by the company. The offering is expected to close on Aug. 17, 2022.
 
The company said it intends to use substantially all of the net proceeds from the offering for advancing its sales and marketing, expanding inventory, updating and producing in-store displays, developing new styles and sizes of the company's smart eyewear, and for working capital and other general corporate purposes.
 
Maxim Group LLC is acting as the sole book-running manager in connection with the offering. Innovative Eyewear previously revised the terms of its IPO in June as reported by VMAIL.