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SUBSEQUENT EVENTS
6 Months Ended
Jun. 30, 2022
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 9 – SUBSEQUENT EVENTS

 

On August 17, 2022, the Company closed on its initial public offering of 980,000 units consisting of 980,000 shares of its common stock and 1,960,000 warrants to purchase 1,960,000 shares of common stock at a combined offering price of $7.50 per unit in exchange for gross proceeds of approximately $7.35 million, before deducting underwriting discounts and offering expenses. Each share of common stock was sold together with two warrants, each warrant exercisable to purchase one share of common stock at an exercise price of $7.50 per share. In addition, the Company granted the underwriters a 45-day option to purchase up to an additional 147,000 shares of common stock and/or warrants to purchase up to an additional 294,000 shares of common stock to cover over-allotments, of which Maxim Group LLC has exercised its option to purchase additional warrants to purchase 294,000 shares of common stock.

 

The shares of common stock and warrants began trading on The Nasdaq Capital Market on August 15, 2022, under the symbols “LUCY” and “LUCYW,” respectively.

 

Also, pursuant to the terms of the underwriting agreement for the offering, the Company issued Maxim Group LLC certain other warrants to purchase up to 58,800 shares of the Company’s common stock at an exercise price of $8.228 per share.

 

The net proceeds received by the Company amounted to $6,189,734. The Company intends to use substantially all of the net proceeds from the offering for advancing its sales and marketing, expanding inventory, updating and producing in-store displays, developing new styles and sizes of the Company’s smart eyewear, and for working capital and other general corporate purposes.

 

On August 15, 2022, in connection with the Company’s initial public offering, Lucyd Ltd. converted $2,002,280 of the $2,256,214 outstanding on its convertible promissory note from the Company into 260,970 shares of our common stock. After this conversion, approximately $254,000 was outstanding on the convertible promissory note issued to Lucyd.