MIAMI—Innovative Eyewear, Inc. (Nasdaq: LUCYW), developer and seller of smart eyewear, has announced that it has entered into a definitive agreement for the issuance and sale of 4,200,822 shares of its common stock at a purchase price per share of $0.244 in a registered direct offering, priced at-the-market under Nasdaq rules. The gross proceeds to Innovative Eyewear from the offering are expected to be approximately $1.025 million, the company stated, noting that it intends to use the net proceeds from the offering for working capital and general corporate purposes.

Additionally, in a concurrent private placement, Innovative Eyewear indicated that it also agreed to issue unregistered warrants to purchase an equivalent number of shares, also at $0.244 per share. The unregistered warrants will be exercisable beginning on the effective date of stockholder approval of the issuance of the shares and will expire five years from the date of stockholder approval. The offering is expected to close on or about today, May 1, subject to the satisfaction of customary closing conditions. H.C. Wainwright & Co. is serving as the exclusive placement agent for the offering.

Innovative Eyewear is a developer of ChatGPT enabled smart eyewear, under the Lucyd, Nautica, Eddie Bauer and Reebok brands.