Innovative Eyewear nasdaq Lucy Completes 5m Offering Under Nasdaq Regulations Stock Soars

Innovative Eyewear (NASDAQ: LUCY) Completes $2.5M Offering Under Nasdaq Regulations, Stock Soars

Innovative Eyewear (NASDAQ: LUCY) stock surged during pre-market trading Friday after the company closed a $2.5 million registered direct offering priced at the market as per Nasdaq regulations.

Innovative Eyewear announced the completion of its registered direct offering, which included the sale of 5,263,161 shares of its common stock at $0.475 per share. Concurrently, the company issued unregistered warrants in a private placement, allowing the purchase of an additional 5,263,161 shares of common stock at the same price. These warrants are immediately exercisable and will expire five years from the date of issuance.

The gross proceeds from this offering amounted to approximately $2.5 million. Innovative Eyewear plans to utilize these funds for working capital and general corporate purposes.

Earlier this week, the company launched the Eddie Bauer Smart Eyewear collection. This new product line, which features voice access to OpenAI’s ChatGPT, represents a significant advancement in the wearable technology market.

Harrison Gross, the CEO of Innovative Eyewear, showed great excitement for the launch of their new product. He believes that their latest offering, the world’s first rimless smart eyewear, not only enhances fashion but also pushes the boundaries of what wearable technology can achieve.

He underscored the superior quality of the new collection, stating that it is their most premium offering so far. It boasts a blend of high-end finishes, classic frame contours, and powerful technological accessories to provide an unparalleled smart glass experience.

The Eddie Bauer Smart Eyewear collection is available online and will soon be distributed through various retail channels, including department stores, sports retailers, and local optical stores.

Innovative Eyewear (NASDAQ: LUCY) Stock Movement

As of 08:31 a.m. (Eastern Time) Friday, LUCY stock traded at $0.9984, marking a 26.34% increase compared to the previous trading session.