Innovative Eyewear raises $4.8 million from warrant transactions

MIAMI - Innovative Eyewear, Inc. (NASDAQ:LUCY), a manufacturer of smart eyewear with a market capitalization of $10.9 million, announced Monday it has secured approximately $4.8 million in gross proceeds through warrant exercises and a warrant inducement transaction. The company’s stock has shown significant momentum, surging over 48% in the past week.

The company entered into definitive agreements for the immediate exercise of outstanding warrants to purchase 746,782 shares of common stock at $2.60 per share, which is expected to generate approximately $2.2 million. This transaction is anticipated to close on or about June 24, 2025. According to InvestingPro data, the company currently holds more cash than debt on its balance sheet, though it has been rapidly burning through its cash reserves.

As part of the inducement transaction, Innovative Eyewear will issue new unregistered Series I warrants to purchase up to 2,240,346 shares of common stock at a purchase price of $0.125 per warrant, generating an additional $0.3 million. These new warrants will have an exercise price of $2.60 per share and will expire 18 months after the effective date of the resale registration statement.

The company also reported receiving approximately $2.6 million in gross proceeds over the past 30 days from ordinary warrant exercises by investors who purchased 986,532 shares at $2.60 per share.

H.C. Wainwright & Co. is serving as the exclusive placement agent for the offering. Innovative Eyewear intends to use the net proceeds for working capital and general corporate purposes, according to the press release statement.

The company manufactures smart eyewear under several brands including Lucyd, Lucyd Armor, Reebok, Eddie Bauer, and Nautica. InvestingPro analysis shows the company’s revenue is expected to grow by 358% this fiscal year, though profitability remains a challenge. For more detailed insights and 8 additional ProTips about LUCY’s financial health and growth prospects, visit InvestingPro.

The new Series I warrants and shares issuable upon their exercise have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States except pursuant to an effective registration statement or applicable exemption.

In other recent news, Innovative Eyewear Inc. has announced a significant partnership with Smartech Retail Group to feature its Reebok Powered by Lucyd smart eyewear collection at Smartech’s new flagship store in New York City’s Times Square. This showcase, launching on July 22, 2025, aims to provide prospective customers with live demonstrations, which the company believes will enhance product adoption. Additionally, Innovative Eyewear has expanded its reach into Canada through a partnership with Eye Recommend, extending its smart safety glasses to over 600 optical practices across the country. The Canadian Standards Association certification for these glasses is expected to strengthen their presence in Canadian workplaces.

Furthermore, Innovative Eyewear has introduced its Reebok Smart Eyewear, targeting the smart sports eyewear market with features designed for athletic and outdoor use. A global distribution strategy includes partnering with MTB Mexico to bring these smart glasses to Latin America. In financial developments, the company has secured approximately $1.8 million from the exercise of outstanding warrants, facilitated by H.C. Wainwright & Co. as the exclusive placement agent. The proceeds are intended for working capital and general corporate purposes. These recent developments underscore Innovative Eyewear’s efforts to expand its market presence and enhance its product offerings.

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