Innovative Eyewear Announced Agreements For The Immediate Exercise Of Warrants For 126,699 Shares Of Common Stock At A Reduced Price Of $5/Share, Expecting Gross Proceeds Of ~$633,495 For Working Capital And General Corporate Purposes, Alongside Issuing New Series A And B Warrants Exercisable At $5/Share
Portfolio Pulse from Benzinga Newsdesk
Innovative Eyewear (NASDAQ:LUCY) has announced agreements for the immediate exercise of warrants for 126,699 shares at a reduced price of $5/share, expecting to raise approximately $633,495. The funds will be used for working capital and general corporate purposes. New Series A and B warrants will also be issued.
September 03, 2024 | 12:50 pm
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Innovative Eyewear is set to raise approximately $633,495 through the exercise of warrants at a reduced price of $5/share. This move is aimed at bolstering working capital and general corporate purposes. The issuance of new Series A and B warrants could impact stock liquidity and price.
The reduction in warrant exercise price from $21 to $5 is likely to encourage warrant holders to exercise their options, providing the company with immediate capital. This influx of capital can be positive for the company's financial health, potentially leading to a short-term increase in stock price. However, the issuance of new warrants may increase the number of shares outstanding, which could affect stock liquidity and price.
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