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Tekcapital PLC - London-based intellectual property investor - Portfolio company Lucyd Ltd sees subsidiary Innovative Eyewear Inc price its $7.4 million initial public offering on Nasdaq.
Offering 980,000 units, which sees 980,000 shares and 2.0 million warrants offered at combined price of $7.50. Warrants can be exercised at $7.50 over next 5 years.
Tekcapital owns 100% of share capital of Lucyd and will own 5.2 million shares, about 70% post-IPO, of its US operating subsidiary Innovative Eyewear. Expects Innovative Eyewear to have market cap of about $55 million.
Innovative Eyewear develops eyeglasses and sunglasses designed to allow the users to remain connected to their digital lives.
Current stock price: 34.25 pence, up 4.6% on Monday
12-month change: up 47%
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