Innovative Eyewear, Inc (LUCY) Announces Closing of Exercise of Warrants

Innovative Eyewear, Inc. (Nasdaq: LUCY), the manufacturer of smart eyewear under the Lucyd®, Lucyd Armor®, Reebok®, Eddie Bauer® and Nautica® brands, today closed the previously announced exercise of certain outstanding warrants to purchase an aggregate of 746,782 shares of the Company's common stock originally issued by the Company on April 14, 2025, at the current exercise price of $2.60 per share. The shares of common stock issuable upon exercise of the warrants are registered pursuant to an effective registration statement on Form S-1 (File No. 333-287142).

H.C. Wainwright & Co. acted as the exclusive placement agent for the offering.

In consideration for the immediate exercise of the warrants for cash in the warrant inducement transaction, the Company issued new unregistered Series I warrants to purchase up to an aggregate of 2,240,346 shares of common stock, at a purchase price of $0.125 per warrant, resulting in aggregate gross proceeds to the Company of approximately $0.3 million. The new Series I warrants have an exercise price of $2.60 per share. The new Series I warrants are exercisable immediately and will expire eighteen months following the effective date of the resale registration statement registering the shares of common stock issuable upon exercise of the Series I warrants.

The gross proceeds to the Company from the exercise of the warrants in the warrant inducement transaction were approximately $2.2 million, prior to deducting placement agent fees and offering expenses. The Company expects to use the net proceeds from the transaction for working capital and general corporate purposes.

In addition, over the last 30 days the Company has received aggregate gross proceeds of approximately $2.6 million from the exercise of certain warrants in the ordinary course by investors. Such investors exercised warrants to purchase an aggregate of 986,532 shares of the Company's common stock originally issued by the Company on April 14, 2025, at the original exercise price of $2.60 per share.

The new Series I warrants described above related to the warrant inducement transaction were offered in a private placement and, along with the shares of common stock issuable upon exercise of the new warrants, have not been registered under the Securities Act of 1933, as amended (the "1933 Act"), or applicable state securities laws. Accordingly, the new warrants and shares of common stock issuable upon the exercise of the new warrants may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the 1933 Act and such applicable state securities laws. The Company has agreed to file a registration statement with the Securities and Exchange Commission ("SEC") as soon as practicable and within 30 days covering the resale of the shares of common stock issuable upon exercise of the new Series I warrants.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

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