Innovative Eyewear Inc (LUCY) expects to raise $10 million in an initial public offering on Wednesday, April 27th, IPO Scoop reports. The company plans to issue 1,538,461 shares at a price of $5.50-$7.50 per share.
In the last year, Innovative Eyewear Inc generated $690,000 in revenue and had a net loss of $3.2 million. Innovative Eyewear Inc has a market-cap of $50.2 million.
Innovative Eyewear, Inc. provided the following description of their company for its IPO: “(Note: This IPO is a small-cap unit offering on the NASDAQ. IPOScoop has NO CALL on unit offering IPOs, other than SPACs.) Innovative Eyewear develops and sells cutting-edge eyeglasses and sunglasses, which are designed to allow our customers to remain connected to their digital lives, while also offering prescription eyewear and sun protection. The company was founded by Lucyd Ltd. (the “Parent”), a portfolio company of Tekcapital. Based in the U.K., Tekcapital is a university intellectual property accelerator. Tekcapital builds portfolio companies around new technologies. Innovative Eyewear licensed the exclusive rights to the Lucyd® brand from Lucyd Ltd., which includes the exclusive use of all of Lucyd Ltd.’s intellectual property, including our main product, Lucyd Lyte® glasses. In January 2021, Innovative Eyewear fully launched its first commercial product, Lucyd Lyte. This initial product embodies our goal of creating smart eyewear for all day wear that looks like and is priced similarly to designer eyewear, but is also lightweight and comfortable, and enables the wearer to remain connected to their digital lives. The product was initially launched with six styles. In September 2021, an additional six styles were added. These 12 styles are each available with 56 different lens types, resulting in 668 variations of products currently available. Lucyd Lyte glasses enable the wearer to listen to music, take and make calls, and use voice assistants to perform many common smartphone tasks hands-free. (“Upgrade Your Eyewear”). We also believe that traditional frames, no matter how attractive, do not possess the functionality many eyeglass wearers need and want. Smart eyewear is part of a fast-growing technology-enhanced ecosystem, consisting of traditional eyewear, electronic in-ear devices (“hearables”) and digital assistants. We believe smart eyewear should also enable customers to freely interact with social media. While digital assistants, once enabled, can provide some of this interaction, we believe that the ability to receive and send social media posts with your voice will greatly enhance ease of use of these platforms on the go. To facilitate this, Innovative Eyewear has developed a full stack social media application called Vyrb™ which enables the user to receive and send posts through Lucyd Lyte smart glasses with your voice. The application launched out of beta in December 2021, and we are aiming to roll out software upgrades to Vyrb in the fourth quarter of 2022, which are currently planned to include new features like: monetization, ad-buying modules, an itemized upgrade system and content selling capabilities for social media creators. Note: Revenue and net loss figures are for the year ended Dec. 31, 2021. “.
Innovative Eyewear, Inc. was founded in 2019 and has 9 employees. The company is located at 11900 Biscayne Blvd., Suite 630 North Miami, Florida, 33181 and can be reached via phone at (786) 785-5178 or on the web at http://www.lucyd.co/.
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