Tekcapital closes $7.4m Lucyd IPO as new products launched

Tekcapital has announced its portfolio company Lucyd will be launching a new line of innovative smart eyewear products following the completion of a $7.4m IPO on the NASDAQ.

Innovative Eyewear is launching the Lucyd® Lyte Fall ’22 smart eyewear line which further bolsters their range of glasses with smart capabilities such as audio functions and bluetooth. Lucyd smart eyewear is distributed in the US through retailers including Amazon and Walmart.

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“Our mission at Lucyd has always strived to be the ‘go-to upgrade’ of your eyewear from sunglasses to prescription frames you wear all-day, everyday day. Simply put, the Lyte Fall ’22 collection comprises our most advanced glasses yet,” said Harrison Gross, Lucyd CEO & Cofounder.

Lucyd is targeting the $5.1 billion US hearables and digital assistant market and will invest the proceeds of this week’s IPO on marketing and developing new products.

Innovative Eyewear IPO Completion

Tekcapital’s IPO of Lucyd subsidiary Innovative Eyewear completed on Wednesday raising a total of $7.35 million, before the deduction of underwriting discounts and offering expenses.

The IPO consisted of 980,000 units, comprised of one share and two warrants with an exercise price of $7.50. As of the close of trade on the NASDAQ last night, each share was worth $5.36 and each warrant closed at $0.70 to total $6.76 per unit.

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The IPO underwriters had been given a 45-day option to purchase additional shares/warrants and have taken up warrants to purchase 294,000 shares.

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