Innovative Eyewear Inc. (LUCY) has announced that its board has approved the implementation of a limited-duration stockholder rights plan, along with the declaration of a dividend distribution granting one right for each outstanding share of common stock. The dividend distribution is set to be recorded on September 25, 2024.
This Rights Plan is set to expire on September 25, 2025, unless an earlier expiration date is stipulated in the plan itself, requiring no additional action from Innovative Eyewear's Board of Directors.
The company states that the primary objective of instituting the Rights Plan is to ensure that all stockholders can fully benefit from their investments in Innovative Eyewear. Additionally, the plan aims to safeguard the interests of both the company and its stockholders by mitigating the risk of any individual or group acquiring control of Innovative Eyewear through open market purchases or other strategies without offering a fair control premium.
