Innovative Eyewear, Inc. - LUCY STOCK NEWS

Innovative Eyewear, developer of smart eyewear, has closed a $2.5 million registered direct offering under Nasdaq rules, issuing 5,263,161 shares at $0.475 each. Concurrently, the company issued unregistered warrants to purchase an equal number of shares at the same price. These warrants are exercisable immediately and expire in five years. Gross proceeds from the offering were approximately $2.5 million, intended for working capital and general corporate purposes. H.C. Wainwright & Co. acted as the exclusive placement agent. The offering was conducted under a shelf registration statement filed with the SEC.

Innovative Eyewear has launched the Eddie Bauer Smart Eyewear collection, featuring the world's first rimless smart eyewear design. The collection includes four styles with polarized lenses, Bluetooth with a 100ft range, ultra-clear microphones, and quadrasonic speakers. Each pair comes with a patent-pending charging dock that can charge the glasses and up to three other USB devices. The eyewear is aimed at combining fashion and technology, enhancing both style and functionality for adventurous users. The collection will be available in various retail channels and online at Lucyd.co.

Innovative Eyewear has announced a $2.5 million registered direct offering priced at-the-market under Nasdaq rules. The deal involves the issuance and sale of 5,263,161 shares of common stock at $0.475 per share. Additionally, unregistered warrants to purchase the same number of shares at the same price will be issued in a concurrent private placement. These warrants are exercisable immediately and expire in five years. The offering is expected to close around May 29, 2024, with H.C. Wainwright & Co. as the exclusive placement agent. Gross proceeds are expected to be approximately $2.5 million, intended for working capital and general corporate purposes.

Innovative Eyewear (NASDAQ: LUCY, LUCYW) reported a 165% increase in net revenue for Q1 2024, reaching $383,471, compared to Q1 2023. This growth was driven by a 150% increase in units sold, particularly in the e-commerce segment, thanks to strategic advertising and new product launches. The company plans to introduce three new product lines and a paid version of the Lucyd app in 2024, which are expected to further boost revenue.

However, the cost of prescription lenses has significantly impacted gross profit margins. The company is exploring cost-reduction strategies with current and alternative lens suppliers. Future sales are expected to shift more towards the wholesale channel, which carries higher margins.

CEO Harrison Gross expressed optimism about the company's position in the growing smart eyewear market, highlighting the potential for further growth with upcoming product launches and increased consumer interest, spurred by competitors like Apple and Meta.

Innovative Eyewear, Inc. closed a registered direct offering under Nasdaq rules, issuing 4,200,822 shares at $0.244 per share, along with unregistered warrants. The gross proceeds totaled approximately $1.025 million. The company plans to use the net proceeds for working capital and general corporate purposes.

Innovative Eyewear, Inc. announced a registered direct offering of 4,200,822 shares of its common stock at a purchase price of $0.244 per share, along with unregistered warrants to purchase the same number of shares. The offering is expected to generate roughly $1.025 million in gross proceeds for the company. The net proceeds will be used for working capital and general corporate purposes. The offering is set to close around May 1, 2024, pending customary closing conditions.

Innovative Eyewear, Inc. partners with New Look Vision Group to provide smart eyewear in Canada. Lucyd smart frames are now available at NewLook.ca and select New Look stores in Quebec, offering technologically advanced and well-designed products. New Look, a leading eyewear retailer in the US and Canada, showcases Lucyd frames to its clientele, emphasizing the integration of eyewear with smart technology. The partnership aims to enhance the eyewear experience for Canadian customers.

Innovative Eyewear, Inc. announces the filing of two new United States patent applications and receipt of notices of allowance on three smart eyewear design patent applications. The company is developing Lucyd Armor smart safety glasses to meet the needs of industrial and medical safety glass users. The product is expected to be introduced in mid-2024 and aims to provide a cutting-edge hands-free communication experience in various work environments.

Innovative Eyewear, Inc. signs UK football legend Micah Richards as brand ambassador. Micah Richards, a former England International footballer and successful broadcaster, will work with Lucyd to promote smart eyewear. Lucyd aims to enhance physical activities with open-ear audio and ChatGPT technology.