Tekcapital PLC (LSE:TEK) said Innovative Eyewear, a subsidiary of its portfolio company Lucyd Ltd, announced the pricing of its initial public offering.
The intellectual property investment company said Innovative Eyewear is offering 980,000 units, which consists of 980,000 shares of common stock and accompanying warrants to purchase up to 1,960,000 shares to raise US$7.35mln.
The capital raised will be used for “advancing its sales and marketing, expanding inventory, updating and producing in-store displays, developing new styles and sizes of the Innovative Eyewear’s smart eyewear,” as well as for working capital and general purposes.
Each common stock will be sold along two warrants by the developer and seller of technology-based glasses, with each warrant exercisable for one common stock for US$7.50 for a period of five years after issuance.
Trading is expected to commence today on the tech-laden NASDAQ under the ticket LUCY and LUCYW, with the offering closing on 17 August.
Tekcapital shares jumped over 10% to 36.06p.