IN BRIEF: Tekcapital's Lucyd says subsidiary completes US IPO

Tekcapital PLC - London-based intellectual property investor - Innovative Eyewear Inc, a subsidiary of portfolio firm Lucyd closes its USD7.4 million initial public offering, with the issue of 980,000 units - comprising 980,000 shares and 1.96 million warrants for the purchase of 1.96 million shares - at a price of USD7.50 each.

Innovative Eyewear has started trading on the Nasdaq Capital Market on Monday, and will use all proceeds from the offering to advance its sales and marketing, expand its inventory, developing new styles and sizes of its smart eyewear, as well as working capital.

Maxim Group acts as sole book-running manager in connection with the offering.

Current stock price: 30.42 pence, up 3.4% on Thursday

12-month change: up 31%

By Dayo Laniyan; dayolaniyan@alliancenews.com

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