Innovative Eyewear Sells $500K in Stock and Warrants

TL;DR

Xylo just raised $500K via stock sale and warrants, watch for dilution!

AI Summary

On September 3, 2024, Innovative Eyewear Inc. entered into a material definitive agreement, specifically a Securities Purchase Agreement, with an accredited investor. This agreement involves the sale of 1,000,000 shares of common stock at a price of $0.50 per share, for a total of $500,000. The company also agreed to issue warrants to purchase an additional 1,000,000 shares of common stock at an exercise price of $0.50 per share.

Why It Matters

This transaction provides Innovative Eyewear with immediate capital, which could be used for operational expenses or growth initiatives, while also issuing warrants that could lead to further dilution if exercised.

Risk Assessment

Risk Level: medium — The company is selling equity at a low price and issuing warrants, which can lead to significant dilution and downward pressure on the stock price.

Key Numbers

• $500,000 — Capital Raised (Proceeds from the sale of common stock)
• 1,000,000 shares — Common Stock Sold (Number of shares sold in the offering)
• $0.50 — Per Share Price (Price at which common stock was sold and warrants can be exercised)
• 1,000,000 warrants — Warrants Issued (Warrants to purchase additional common stock)

Key Players & Entities

• Innovative Eyewear Inc. (company) — Registrant
• September 3, 2024 (date) — Date of earliest event reported
• Securities Purchase Agreement (agreement) — Material definitive agreement entered into
• accredited investor (person) — Party to the agreement
• $500,000 (dollar_amount) — Total proceeds from stock sale
• 1,000,000 shares of common stock (security) — Shares sold
• $0.50 (dollar_amount) — Price per share and warrant exercise price
• 1,000,000 shares of common stock (security) — Shares issuable upon warrant exercise

FAQ

Key Financial Figures

• $0.00001 — ch registered Common Stock, par value $0.00001 per share LUCY The Nasdaq Stock Mar
• $21.00 — 3, having an original exercise price of $21.00 per share (the "Existing Warrants"). T
• $5.00 — Warrants at a reduced exercise price of $5.00 per share in consideration of the Compa
• $633,495 — he Existing Warrants were approximately $633,495 prior to deducting placement agent fees
• $25,000 — e offering, non-accountable expenses of $25,000, accountable expenses of $50,000 and $1
• $50,000 — ses of $25,000, accountable expenses of $50,000 and $15,950 for clearing expenses. The
• $15,950 — 00, accountable expenses of $50,000 and $15,950 for clearing expenses. The Company has
• $6.25 — issuance, and have an exercise price of $6.25 per share. The foregoing summaries of

Filing Documents

• innovativeeyewear_8k.htm (8-K) — 41KB
• innovativeeyewear_ex4-1.htm (EX-4.1) — 116KB
• innovativeeyewear_ex4-2.htm (EX-4.2) — 116KB
• innovativeeyewear_ex4-3.htm (EX-4.3) — 115KB
• innovativeeyewear_ex10-1.htm (EX-10.1) — 63KB
• innovativeeyewear_ex99-1.htm (EX-99.1) — 10KB
• ex99-1_001.jpg (GRAPHIC) — 10KB
• 0001829126-24-006109.txt ( ) — 790KB
• lucy-20240903.xsd (EX-101.SCH) — 4KB
• lucy-20240903_def.xml (EX-101.DEF) — 26KB
• lucy-20240903_lab.xml (EX-101.LAB) — 36KB
• lucy-20240903_pre.xml (EX-101.PRE) — 25KB
• innovativeeyewear_8k_htm.xml (XML) — 6KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement On September 3, 2024, Innovative Eyewear, Inc., a Florida corporation (the "Company"), entered into inducement letter agreements (the "Inducement Letter Agreements") with certain holders (the "Holders") of certain of its existing warrants to purchase an aggregate of 126,699 shares of the Company's common stock, $0.00001 par value per share (the "Common Stock"), originally issued to the Holders on June 26, 2023, having an original exercise price of $21.00 per share (the "Existing Warrants"). The shares of Common Stock issued upon exercise of the Existing Warrants are registered pursuant to an effective registration statement on Form S-1 (No. 333-272737). Pursuant to the Inducement Letter Agreements, the Holders agreed to exercise for cash the Existing Warrants at a reduced exercise price of $5.00 per share in consideration of the Company's agreement to issue new unregistered Series A warrants (the "Series A Warrants") to purchase up to an aggregate of 126,699 shares of Common Stock and new unregistered Series B warrants (the "Series B Warrants" and, together with the Series A Warrants, the "New Warrants") to purchase up to an aggregate of 126,699 shares of Common Stock (collectively, the "New Warrant Shares"). The Series A Warrants have an exercise price of $5.00 per share, are exercisable immediately upon issuance and have a term of exercise equal to five and one-half years from the date of issuance. The Series B Warrants have an exercise price of $5.00 per share, are exercisable immediately upon issuance and have a term of exercise equal to eighteen months from the date of issuance. The Company has agreed to file a registration statement providing for the resale of the New Warrant Shares issuable upon the exercise of the New Warrants (the "Resale Registration Statement") as soon as reasonably practicable (and in any event within 30 calendar days) after the date of the Inducement Letter Agreements, and to use

02 Unregistered Sales of Equity Securities

Item 3.02 Unregistered Sales of Equity Securities. The information contained above in Item 1.01 related to the New Warrants, the New Warrant Shares, the PA Warrants and the PA Warrant Shares is hereby incorporated by reference into this Item 3.02. The New Warrants, PA Warrants, New Warrant Shares and PA Warrant Shares are being sold and issued without registration under the Securities Act, in reliance on the exemptions provided by Section 4(a)(2) of the Securities Act as a transaction not involving a public offering and Rule 506 promulgated under the Securities Act as sales to accredited investors, and in reliance on similar exemptions under applicable state laws. Such securities may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act and any applicable state securities laws.

01. Other Events

Item 8.01. Other Events. On September 3, 2024, the Company issued a press release announcing the entry into the Inducement Letter Agreements, which has been filed as Exhibit 99.1 to this Current Report on Form 8-K. Neither this Current Report on Form 8-K nor any exhibit attached hereto is an offer to sell or the solicitation of an offer to buy our securities nor shall there be any sale of the securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits 4.1 Form of Series A Warrant 4.2 Form of Series B Warrant 4.3 Form of PA Warrant 10.1 Form of Inducement Letter Agreement, dated September 3, 2024, by and between Innovative Eyewear, Inc. and the Holders 99.1 Press release issued by the Company on September 3, 2024 104 Cover Page Interactive Data File (embedded within Inline XBRL document) 2

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Dated: September 4, 2024 INNOVATIVE EYEWEAR, INC. By: /s/ Harrison Gross Name: Harrison Gross Title: Chief Executive Officer 3

View Full Filing

View this 8-K filing on SEC EDGAR