Smart eyewear maker Innovative Eyewear (LUCY) has updated details of its proposed $10 million initial public offering
Innovative Eyewear said it plans to offer 1.5 million units priced between $5.50 and $7.50 per unit, which would fetch around $9.8 million if the median price was $6.50. Each unit would consist of one share plus two warrants to purchase one share each.
The underwriters would receive a 45-day option to purchase up to 231,000 additional shares and/or warrants. Maxim Group acts as lead bookrunner.
The company added that after the transaction, majority shareholder Lucyd Ltd. will control around 66% of the share’s voting rights, up slightly from the 65% indicated in a filing filed in early May. Lucyd will also continue to own more than 50% of Innovative Eyewear’s outstanding shares after the IPO.
Innovative Eyewear has developed a range of smart glasses that allow wearers to use a voice assistant to perform tasks on their smartphone, such as sending and receiving text messages, making and receiving calls and listening to music. The glasses, which are available with standard lenses, are sold in retail stores, on lucyd.com and on e-commerce sites such as Amazon.com, Walmart.com and BestBuy.com.
The company is currently in the red. For 2021, Innovative Eyewear posted a net loss of $3.2 million on revenue of $691,000. The company’s flagship product, Lucyd Lytes, was launched in January 2021.
Innovative Eyewear expects to receive net proceeds of approximately $9.9 million from the transaction if the units are priced at $6.50 each and the underwriter’s option is exercised in full.
For a more in-depth look at Innovative Eyewear, see the article “Innovative Eyewear seek IPO for Consumer Smartglasses Ramp Up” by SA contributor Donovan Jones.