(Alliance News) - Tekcapital PLC on Thursday noted its investee Innovative Eyewear Inc's announcement regarding a public offering for 4.5 million units.
The London-based intellectual property investment company said Innovative Eyewear is selling each unit at a public offering price of USD1.05 per share. Gross proceeds are expected to reach around USD4.7 million.
The offering is expected to close on June 26 if customary closing conditions are met. Maxim Group LLC will act as the sole placement agent for this offering.
On Tuesday, Tekcapital said Innovative Eyewear had signed a licensing agreement with New York-based brand development, marketing and entertainment platform Authentic Brands Group LLC for a smart eyewear collection with sporting goods retailer Reebok International Ltd.
Tekcapital owns 5.1 million shares of Innovative Eyewear.
Shares in Tekcapital were up 2.0% at 12.00 pence each in London on Thursday afternoon.
By Sabrina Penty, Alliance News reporter
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TekCapital (TEK)