Initial public offering hologram, night panoramic city view of Bangkok. The financial center for multinational corporations in Asia. The concept of boosting the growth by IPO process. Double exposure.

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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, and e-commerce sites such as, and

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 Read the original article here.

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