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 $0.475 per share. The unregistered warrants will be exercisable immediately upon issuance and will expire five (5) years from the date of issuance. The gross proceeds to Innovative Eyewear from the offering are expected to be approximately $2.5 million, before deducting the placement agent’s fees and other offering expenses. The shares of common stock offered in the registered direct offering (but excluding the unregistered warrants or the shares of common stock underlying such unregistered warrants) described above are being offered pursuant to a “shelf” registration statement on Form S-3 (Registration No. Innovative Eyewear is a developer of cutting-edge ChatGPT enabled smart eyewear, under the Lucyd®, Nautica®, Eddie Bauer® and Reebok® brands.

Source: The Bubble May 29, 2024 07:05 UTC