Tekcapital PLC’s Innovative Eyewear Inc. is trying to raise money through an initial public offering, betting on the ability to integrate electronic in-ear devices and digital assistants into eyewear.
The documents, filed with the Securities and Exchange Commission and publicly released on Monday, don’t offer much information on the planned initial public offering, such as the number of units that would be sold. But they offer a glimpse into the company’s finances, including a so-called going concern warning from auditors that raises doubt about its ability to meet anticipated obligations over the next year.
Revenue surged in the first nine months of the year driven by sales of its first commercial product, the Lucyd Lyte, but its loss more than tripled, according to the documents.
Innovative Eyewear’s Lucyd Lyte glasses allow people to listen to music, take and make calls, and use voice assistants to do many common smartphone tasks hands-free.
The company also plans to launch a voice-controlled application, Vyrb, that would allow people to send and receive social media posts through their Lucyd Lyte smart glasses. The application is slated to slated to launch out of beta in the fourth quarter of 2021 with software upgrades expected to be rolled out in the fourth quarter of 2022, the company said. The upgrades, the company said, are expected to include features like content selling capabilities for social media creators.
Tekcapital, which owns about 80% of the share capital of Innovative Eyewear, said in October that the U.S. operating subsidiary of its portfolio company Lucyd Ltd. had confidentially filed a draft registration statement with the SEC but said that a decision to proceed with the IPO as well as timing and other IPO terms would depend on market and other conditions.
Innovative Eyewear is seeking to trade on the Nasdaq Capital Market under the ticker symbol LUCY, with each unit consisting of a share and a warrant to buy a share, according to the documents.
The warrants won’t be listed for trading and will expire five years from the date of issuance.