Innovative Eyewear, Inc. Announces Exercise of Warrants for $1.8 Million Gross Proceeds

Core Viewpoint - Innovative Eyewear, Inc. has entered into agreements for the immediate exercise of outstanding warrants, allowing the purchase of 601,686 shares at a reduced price of $2.60 per share, generating approximately$1.8 million in gross proceeds for the company [1][3]. Group 1: Warrant Exercise Details - The warrants were originally issued on September 4, 2024, and September 24, 2024, with original exercise prices of $5.00 and$9.50 per share, respectively [1]. - The closing of the warrant exercise transaction is expected to occur around April 14, 2025, pending customary closing conditions [1]. Group 2: New Warrants Issuance - In exchange for the immediate exercise of the warrants, the company will issue new unregistered Series G and Series H warrants, allowing the purchase of up to 221,895 and 1,741,059 shares, respectively, at a price of $0.125 per warrant [4]. - The new Series G and Series H warrants will have an exercise price of$2.60 per share and will be exercisable immediately, with expiration periods of five and a half years and eighteen months, respectively [4]. Group 3: Use of Proceeds - The net proceeds from the warrant exercise are intended for working capital and general corporate purposes [3]. Group 4: Regulatory Compliance - The new warrants and shares are being offered in a private placement and have not been registered under the Securities Act of 1933, meaning they cannot be sold in the U.S. without an effective registration statement or applicable exemption [5]. - The company has committed to filing a registration statement with the SEC within 30 days to cover the resale of shares from the new warrants [5]. Group 5: Company Overview - Innovative Eyewear, Inc. develops smart eyewear under the Lucyd®, Nautica®, Eddie Bauer®, and Reebok® brands, focusing on Bluetooth audio glasses that enhance user connectivity [7].