Newly public Innovative Eyewear (NASDAQ:LUCY) saw its stock tumble 27% following its $7.4M initial public offering on Monday.
Shares of the “smart” eyeglasses maker opened at $6.50, hitting a high of $7 in early trading before sliding to a low of $5.06. The stock recently changed hands at $5.35 at approximately 12:00 p.m. ET.
Innovative Eyewear offered 980,000 units at $7.50 per unit, raising around $7.4M. Each unit consisted of one share plus two warrants which entitle the holder to buy one share per warrant at the exercise price of $7.50.
Underwriters were granted a 45-day option to buy up to 147k additional shares and/or warrants to cover overallotments.
Innovative Eyewear markets a line of smart glasses that allow wearers to use a voice assistant to conduct smartphone tasks such as sending and receiving texts, making and receiving calls, and listening to music. The eyewear is sold through retail stores, lucyd.com and e-commerce sites such as Amazon.com, Walmart.com and BestBuy.com.
The company’s IPO was downsized from one proposed in May, which indicated it would seek to raise around $10M.
For a more in-depth look at Innovative Eyewear, check out SA contributor Donovan Jones’s “Innovative Eyewear seeks IPO for Consumer Smartglasses Ramp Up”.
Image and article originally from seekingalpha.com. Read the original article here.