Innovative Eyewear announces $2.5M registered direct offering

Innovative Eyewear announced that it has entered into a definitive agreement for the issuance and sale of 5,263,161 shares of its common stock at a purchase price per share of 47.5c in a registered direct offering priced at-the-market under Nasdaq rules. Additionally, in a concurrent private placement, Innovative Eyewear has also agreed to issue unregistered warrants to purchase up to 5,263,161 shares of common stock at an exercise price of 47.5c per share. The unregistered warrants will be exercisable immediately upon issuance and will expire five years from the date of issuance. H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering. The gross proceeds to Innovative Eyewear from the offering are expected to be approximately $2.5M, before deducting the placement agent’s fees and other offering expenses. The company currently intends to use the net proceeds from the offering for working capital and general corporate purposes.