TekCapital Regulatory News (TEK)

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

15 August 2022

Tekcapital Plc

("Tekcapital", the "Company" or the "Group")

Portfolio Company Update: Lucyd Ltd ("Lucyd")

Innovative Eyewear Inc. Announces Pricing of US$7.35 Million Initial Public Offering

Tekcapital Plc (AIM: TEK, OTCQB: TEKCF), the UK intellectual property investment group focused on transforming university technologies into valuable products that can improve people's lives, is pleased to announce that Innovative Eyewear Inc. a subsidiary of portfolio company Lucyd, has announced pricing of its US$7.35 million Initial Public Offering.

Innovative Eyewear, Inc. ("Innovative Eyewear") (NASDAQ: LUCY; LUCYW), a developer and retailer of cutting-edge eyeglasses and sunglasses designed to allow the users to remain connected to their digital lives, today announced the pricing of its initial public offering of 980,000 units consisting of 980,000 shares of its common stock and accompanying warrants to purchase up to 1,960,000 shares of common stock. Each share of common stock is being sold together with two Warrants, with each warrant exercisable for one share of common stock, at a combined offering price of US$7.50, for gross proceeds of approximately US$7.35 million, before deducting underwriting discounts and offering expenses. The warrants will be immediately exercisable at an exercise price of US$7.50 per share and will expire five years from the date of issuance. In addition, Innovative Eyewear has granted the underwriters a 45-day option to purchase up to an additional 147,000 shares of common stock and/or 294,000 warrants to purchase up to shares of common stock (ordinary shares) to cover over-allotments at the initial public offering price, less the underwriting discount. All of the shares of common stock and warrants are being offered by Innovative Eyewear.

Innovative Eyewear's shares of common stock and warrants are expected to begin trading on the Nasdaq Capital Market on August 15, 2022, under the symbols "LUCY" and "LUCYW," respectively. The offering is expected to close on August 17, 2022, subject to satisfaction of customary closing conditions.

Innovative Eyewear intends to use substantially all of the net proceeds from the offering for advancing its sales and marketing, expanding inventory, updating and producing in-store displays, developing new styles and sizes of the Innovative Eyewear's smart eyewear, and for working capital and other general corporate purposes.

Maxim Group LLC is acting as the sole book-running manager in connection with the offering.

A registration statement on Form S-1 (File No. 333-261616) was filed with the US Securities and Exchange Commission ("SEC"), which became effective on August 4, 2022. A final prospectus relating to the offering will be filed with the SEC and will be available on the SEC's website at http://www.sec.gov. The offering is being made only by means of a prospectus forming part of the effective registration statement. Electronic copies of the prospectus relating to this offering, when available, may be obtained from Maxim Group LLC, 300 Park Avenue, 16th Floor, New York, New York 10022, at (212) 895-3745. Before investing in this offering, interested parties should read in its entirety the registration statement that Innovative Eyewear has filed with the SEC, which provides additional information about the Company and this offering.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Innovative Eyewear, Inc.

Innovative Eyewear is a developer and retailer of smart eyewear, which are designed to allow the users to remain connected to their digital lives, while also offering prescription eyewear and sun protection. The Company believes that traditional frames, no matter how attractive, do not possess the functionality that many eyeglass wearers need and want. Smart eyewear is a multifunctional product that addresses the needs of the optical, hearables and digital assistant markets. We believe that the Company's products are well positioned in this rapidly growing wearables ecosystem, with the mission to Upgrade Your Eyewear®. For more information, please visit www.lucyd.co.

Tekcapital currently owns 100% of the share capital of Lucyd Ltd and 5,189,086 shares (approximately 70% post-IPO) of its U.S. operating subsidiary, Innovative Eyewear, Inc. Assuming the offering is fully subscribed, at the initial public offering price, Innovative Eyewear will have a market capitalization of approximately US$55m.

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About Tekcapital plc

Tekcapital creates value from investing in new, university-developed discoveries that can enhance people's lives and provides a range of technology transfer services to help organisations evaluate and commercialise new technologies. Tekcapital is quoted on the AIM market of the London Stock Exchange (AIM: symbol TEK) and is headquartered in the UK. For more information, please visit www.tekcapital.com.

LEI: 213800GOJTOV19FIFZ85

Forward-Looking Statements

This press release is for informational purposes only. The information herein does not constitute investment advice nor an offer to invest and may contain statements related to our future business and financial performance and future events or developments involving Innovative Eyewear, Inc., Lucyd or Tekcapital that may constitute forward-looking statements. These statements may be identified by words such as "expect," "look forward to," "anticipate" "intend," "plan," "believe," "seek," "estimate," "will," "project" or words of similar meaning. We may also make forward-looking statements in other reports, in presentations, in material delivered to customers, stakeholders and in press releases. In addition, our representatives may from time to time make oral forward-looking statements. Such statements may be based on the current expectations and certain assumptions of Tekcapital or Lucyd's management. Please note that these are subject to a number of risks, uncertainties and factors, including, but not limited to those described in various disclosures. Should one or more of these risks or uncertainties materialize, or should underlying expectations not occur or assumptions prove incorrect, actual results, performance or achievements of Innovative Eyewear Inc., Lucyd and/or Tekcapital may vary materially from those described explicitly or implicitly in the relevant forward-looking statement. Neither Innovative Eyewear Inc, Lucyd nor Tekcapital intends, nor assumes any obligation, to update or revise these forward-looking statements in light of developments which differ from those anticipated.