Innovative Eyewear Inc (LUCY) plans to raise $10 million in an initial public offering (IPO) on Wednesday, April 27, IPO Scoop reports. The company plans to issue 1,538,461 shares at a price of $5.50 to $7.50 per share.
Over the past 12 months, Innovative Eyewear Inc generated $690,000 in revenue and recorded a net loss of $3.2 million. Innovative Eyewear Inc has a market capitalization of $50.2 million.
Innovative Eyewear, Inc. provided the following company description for its IPO: “(Note: This IPO is a small cap unit offering on NASDAQ. IPOScoop has NO CALL on units offering IPOs, other than SPACs.) Innovative Eyewear develops and sells cutting-edge eyewear and sunglasses, designed to keep our customers connected to their digital lives, while offering prescription eyewear and sun protection. The company was founded by Lucyd Ltd. (the “Parent Company”), a portfolio company of Tekcapital. Based in the UK, Tekcapital is a university intellectual property accelerator. Tekcapital builds portfolio companies around new technologies.Innovative Eyewear has licensed the exclusive rights to the Lucyd® brand from Lucyd Ltd., which includes exclusive use of all proprietary technology from Lucyd Ltd., including our main product, Lucyd Lyte® eyewear. In January 2021, Innovative Eyewear fully launched its first commercial product, Lucyd Lyte. This initial product embodies our goal of creating all-day wearable smart glasses that look and price similar to designer eyewear, but are also lightweight and comfortable and allow the wearer to stay connected to their digital life. The product was initially launched with six styles. In September 2021, six additional styles were added. These 12 styles are each available with 56 different lens types, resulting in 668 product variations currently available. Lucyd Lyte glasses allow the wearer to listen to music, take and make calls, and use voice assistants to perform many common smartphone tasks hands-free. (“Improve your glasses”). We also believe that traditional frames, attractive as they are, lack the functionality that many eyeglass wearers need and want. Smart glasses are part of a rapidly growing, technology-enhanced ecosystem of traditional glasses, in-ear (“hearable”) electronic devices, and digital assistants. We believe that smart glasses should also allow customers to interact freely with social media. Although digital assistants, once enabled, can provide some of this interaction, we believe that the ability to receive and send social media messages with your voice will greatly improve the ease of use of these platforms when your travels. To facilitate this, Innovative Eyewear has developed a comprehensive social media application called Vyrb™ which allows the user to receive and send messages through Lucyd Lyte smart glasses with your voice. The app launched in beta in December 2021, and we aim to roll out software upgrades to Vyrb in Q4 2022, which are currently planned to include new features such as: monetization, shopping modules ads, a detailed leveling system, and content selling capabilities for social media creators. Note: Revenue and net loss figures are for the year ended December 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 by phone at (786) 785-5178 or on the web at http://www.lucyd.co/.
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