Innovative Eyewear announces exercise of warrants

Innovative Eyewear announced the entry into definitive agreements for the immediate exercise of certain outstanding warrants to purchase an aggregate of 126,699 shares of the company’s common stock originally issued by the company on June 26, 2023, each having an original exercise price of $21.00 per share, at a reduced exercise price of $5.00 per share. The closing of the warrant exercise transaction is expected to occur on or about September 4, 2024, subject to satisfaction of customary closing conditions. H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering. The gross proceeds to the company from the exercise of the warrants are expected to be approximately $633,495, prior to deducting placement agent fees and offering expenses. The company expects to use the net proceeds from the transaction for working capital and general corporate purposes.