LONDON (ShareCast) - (Sharecast News) - Intellectual property investor Tekcapital announced on Thursday that Innovative Eyewear, a subsidiary of its portfolio company Lucyd, had closed its $7.35m initial public offering.
The AIM-traded firm said the developer and retailer of smart, digital "cutting-edge eyeglasses and sunglasses" had closed its previously-announced initial public offering of 980,000 units, consisting of 980,000 shares and 1,960,000 warrants to purchase 1,960,000 shares, at a combined price of $7.50 per unit.

Each share was sold with two warrants, with each warrant to purchase one share with an exercise price of $7.50 per share

In addition, Innovative Eyewear granted the underwriters a 45-day option to purchase up to an additional 147,000 shares or warrants to cover over-allotments, of which Maxim Group had exercised its option to purchase additional warrants to purchase 294,000 shares.

The shares and warrants began trading on the Nasdaq Capital Market on 15 August under the symbols 'LUCY' and 'LUCYW', respectively.

Innovative Eyewear said it intended to use substantially all of the net proceeds from the offering for advancing its sales and marketing, expanding inventory, updating and producing in-store displays, developing new styles and sizes of its smart eyewear, and for working capital and other general corporate purposes.

"Innovative Eyewear is a developer and retailer of smart eyewear, which are designed to allow the users to remain connected to their digital lives, while also offering prescription eyewear and sun protection," Tekcapital said in its statement.

"The company believes that traditional frames, no matter how attractive, do not possess the functionality that many eyeglass wearers need and want.

"Smart eyewear is a multifunctional product that addresses the needs of the optical, hearables and digital assistant markets."

Tekcapital currently owns 100% of Lucyd, and 5,189,086 shares, or approximately 71% post-IPO, of its US operating subsidiary Innovative Eyewear.

At 1204 BST, shares in Tekcapital were up 2.22% at 29.9p.

Reporting by Josh White at Sharecast.com.

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