BUSINESS: Financial Smartglasses Company Innovative Eyewear Updates Terms of Initial Public Offering, With Plan to Raise Approximately $10 Million By Staff Tuesday, June 7, 2022 12:24 AM MIAMI—Innovative Eyewear Inc., a Florida corporation and business unit of Lucyd Ltd., has updated its plans for an initial public offering (IPO). The company said in a recent filing with the Securities and Exchange Commission that the offering will consist of 1,538,461 shares of common stock and 3,076,922 warrants to purchase 3,076,922 shares of common stock. Prior to this offering, there has been no public market for Innovative Eyewear’s common stock or warrants, the filing noted. The filing did not provide a specific date for the planned offering of the smartglasses company. Tekcapital Plc (AIM: TEK, OTCQB: TEKCF), parent company of Lucyd, first announced in December 2021 its intention to launch an initial public offering of Innovative Eyewear Inc., as VMAIL reported. The number of shares of common stock to be sold and the price range of the proposed IPO were not disclosed at that time. Innovative Eyewear has developed a line of smart glasses that allow wearers to use a voice assistant to conduct smartphone tasks such as send and receive texts, make and receive calls, and listen to music. The eyewear is available with prescriptive lenses, and is sold through retail stores, lucyd.co and e-commerce sites. In its recent SEC filing, Innovative Eyewear said it expects the initial public offering price of the shares will be between $5.50 and $7.50 per share. At a midpoint of the offering range, the company would raise approximately $10 million if priced at the midpoint of $6.50. Each unit would consist of one share plus two warrants to buy one share apiece, the filing noted. Innovative Eyewear said it has applied to have its shares and warrants listed on the Nasdaq Capital Market (NASDAQ) under the symbols "LUCY" and “LUCYW,” respectively. “No assurance can be given that our application will be approved,” the SEC filing stated. “If our common stock and warrants are not approved for listing on NASDAQ, we will not consummate this offering.” Lucyd Ltd., the principal stockholder of Innovative Eyewear, controls approximately 81.8 percent of the voting power of the latter company’s capital stock (based on shares outstanding as of May 20, 2022) and will control approximately 66 percent of the combined voting power of the capital stock upon completion of the offering. Therefore, Innovative Eyewear is considered a “controlled company,” as defined under Nasdaq Marketplace Rules, the filing stated. According to the filing, the company had net revenue of $236,022 in the three-month period ended March 31, 2022, and a net loss of $1,206,559 for the same three-month period. The company also had a net loss of $3,244,506 for the year ended Dec. 31, 2021. In addition, the filing noted that Innovative Eyewear is considered an emerging growth company under the Jumpstart our Business Startups Act of 2012, or JOBS Act. As such, it may elect to comply with certain reduced public company reporting requirements for this prospectus and future filings, the recent SEC filing noted.