Innovative Eyewear Shares Are Tumbling: What's Going On?

Innovative Eyewear Inc LUCY shares are trading lower Thursday after the company announced the pricing of a public offering.

What To Know: Innovative Eyewear announced that it will offer 4.5 million units, with each unit consisting of one share of common stock and one warrant to purchase one share of common stock, for $1.05 per unit. 

Gross proceeds are expected to total approximately $4.7 million. The offering is expected to close on June 26. 

Earlier this week, Innovative Eyewear announced a licensing agreement with Authentic Brands for Reebok smart eyewear.

"Few names are as renowned as Reebok in the athletic marketplace. Our forthcoming Reebok smart eyewear collection, powered by Lucyd, will continue Reebok's legacy of bold and beautiful craftsmanship coupled with innovation and will align perfectly with today's active lifestyles," said Harrison Gross, CEO of Innovative Eyewear.

The first Reebok smart eyewear collection is expected to launch early in 2024.

See Also: Third Consecutive Week Of Higher-Than-Expected Unemployment Claims: Is US Job Market Losing Steam?

LUCY Price Action: Innovative Eyewear shares were down 38.1% at 87 cents at time of publication, according to Benzinga Pro.

This illustration was generated using artificial intelligence via MidJourney.