Innovative Eyewear, Inc.
(Note: This IPO is a small-cap unit offering on the NASDAQ. IPOScoop has NO CALL on unit offering IPOs, other than SPACs. Each unit consists of one share of common stock and two warrants, with each warrant to buy one share of common stock.)
**(Note: Innovative Eyewear, Inc. priced its IPO on Aug. 14, 2022, at $7.50 – the low end of its $7.50-to-$9.50 range – but increased the number of units to 980,000 units – up from 882,353 units in its amended prospectus – to raise $7.35 million. The stock and the warrants are expected to start trading on Monday, Aug. 15, 2022, on the NASDAQ.)
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 – In the chart below: Revenue and net loss figures are for the 12 months ended March 31, 2022: Revenue of $809,567 and a net loss of $4,229,352, according to the S-1/A dated Aug. 11, 2022.
**Note: For the year ended Dec. 31, 2021, Innovative Eyewear reported revenue of $690,670 and a net loss of $3,244,506.
(Note: Innovative Eyewear downsized its IPO again – to 882,353 units, down from 1.54 million units (1,538,461 units), and raised the price range to $7.50 to $9.50, up from $5.50 to $7.50 previously, according to an S-1/A filing dated July 25, 2022. Under the new terms, the IPO would raise $7.5 million – a cut of 25 percent from the previous estimate of $10.01 million in IPO proceeds. In an S-1/A filing dated March 22, 2022, Innovative Eyewear downsized its IPO to 1.54 million units (1,538,461 units), down from 2.86 million units initially, and increased the price range to $5.50 to $7.50, up from $4.25 to $6.25 initially. The deal’s initial terms were filed in December 2021. Innovative Eyewear updated its S-1/A on May 9, 2022, with no change in terms. The deal has been on and off the IPO Calendar since mid-May 2022.)
|Address||11900 Biscayne Blvd., Suite 630 North Miami, Florida, 33181|
|Phone Number||(786) 785-5178|
|View Prospectus:||Innovative Eyewear, Inc.|
|Revenues||$0.81 mil (last 12 months)|
|Net Income||$-4.23 mil (last 12 months)|
|Price range||$7.50 - $7.50|
|Est. $ Volume||$7.4 mil|
|Manager / Joint Managers||Maxim Group|
|Expected To Trade:||8/15/2022|
|Quiet Period Expiration Date:||Available only to Subscribers|
|Lock-Up Period Expiration Date:||Available only to Subscribers|
|SCOOP Rating||Available only to Subscribers|
|Rating Change||Available only to Subscribers|