Innovative Eyewear, which makes eyewear with tech-enabled frames under the brand Lucyd, lowered the proposed deal size for its upcoming IPO on Wednesday.
The North Miami, FL-based company now plans to raise $10 million by offering 1.5 million units at a price range of $5.50 to $7.50. Each unit will now consist of one share of common stock, one Series A warrant, and one Series B warrant. Both warrants are exercisable at 100% of the IPO price. Series A warrants will expire after five years post-IPO, while Series B warrants will expire after one year. The company had previously filed to offer 2.9 million units at a range of $4.25 to $6.25, with each unit containing one warrant. At the midpoint of the revised range, Innovative Eyewear will raise 33% less in proceeds than previously anticipated and command a market cap of $50 million.
Because the company is offering units with warrants attached, Innovative Eyewear will be excluded from Renaissance Capital’s IPO stats.
Innovative Eyewear develops and sells a suite of tech-enabled eyeglasses and sunglasses, offering both prescription eyewear and sun protection. In January 2021, the company launched its first commercial product, Lucyd Lyte, which enables the wearer to listen to music, take and make calls, and use voice assistants to perform many common smartphone tasks hands-free.
Innovative Eyewear was founded in 2019 and booked $1 million in revenue for the 12 months ended December 31, 2021. It plans to list on the Nasdaq under the symbol LUCY. Maxim Group LLC is the sole bookrunner on the deal.
