[source: Tekcapital]
Tekcapital (TEK ) announced that its portfolio company, Lucyd’s, Innovative Eyewear Inc. subsidiary, has filed a registration statement for a proposed IPO in the United States.
London-listed Tekcapital currently owns 100% of the share capital of Lucyd Ltd and around 80% of the share capital of Lucyd’s operating subsidiary, Innovative Eyewear, Inc.
Today, it told investors that Innovative Eyewear has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission (the “SEC”) for its proposed IPO.
The number of shares of common stock to be sold and the price range for the IPO have not yet been determined. Innovative Eyewear intends to start the sale of its securities in the IPO following completion of the SEC review process, subject to market and other conditions.
Innovative Eyewear submitted its application for a proposed IPO in the US in October 2021. In November 2021, it was approved by Best Buy® to provide smart eyewear on BestBuy.com.
Included within the online selection are the Lucyd® Lyte™ glasses, a range of prescription eyewear which enables wearers to ‘seamlessly play music, take phone calls and chat with their phone’s assistant while maintaining situational awareness with open-ear technology.’
The features of the e-glasses include Hi-fi Bluetooth® Audio which allows connections to all Bluetooth devices, enables rapid pairing, clear sound quality for calls, music and podcasts as well as open-ear audio enables simultaneous connectivity and situational awareness.
In recent weeks, Tekcapital announced to investors that it had raised £3.0 million before expenses at a price of 28p a share with the proceeds to be used primarily to accelerate the growth of the Company’s portfolio companies, which includes its portfolio company Lucyd.
Tekcapital said £1.5m of the proceeds will be used to build inventory and progress product development for Lucyd. Meanwhile, Tekcapital said £0.5m will be used to expand inventory for Salarius, which develops and manufactures the proprietary low-sodium salt MicroSalt® while £0.5m will be used to provide CAPEX for Guident’s remote monitoring and control centre.
The remainder of the funds raised will primarily be for additional working capital, it noted.
Commenting on the raise at the time, Clifford M. Gross Ph.D., Executive Chairman of Tekcapital said: “We are delighted with the support from existing and new shareholders in the Placing which will contribute to the additional near term progress of our portfolio companies.”
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