Innovative Eyewear, Inc.

Innovative Eyewear, Inc. Announces Exercise of Warrants

MIAMI, September 3, 2024 -- Innovative

Eyewear, Inc. ("Innovative Eyewear" or the "Company") (Nasdaq: LUCY), the developer of smart eyewear

under the Lucyd , Nautica , Eddie Bauer and Reebok brands, today

announced the entry into definitive agreements for the immediate exercise of certain outstanding warrants to purchase an aggregate

of 126,699 shares of the Company's common stock originally issued by the Company on June 26, 2023, each having an original

exercise price of $21.00 per share, at a reduced exercise price of $5.00 per share. The closing of the warrant exercise transaction

is expected to occur on or about September 4, 2024, subject to satisfaction of customary closing conditions.

H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.

The shares of common stock issuable upon exercise of the warrants are registered pursuant

to an effective registration statement on Form S-1 (File No. 333-272737).

The gross proceeds to the Company from the exercise of the warrants are expected to be approximately $633,495, prior to deducting placement agent fees and offering expenses. The Company expects to use the net proceeds from the transaction for working capital

and general corporate purposes.

In consideration for the immediate exercise of the warrants for cash, the Company

will issue new unregistered Series A warrants to purchase up to an aggregate of 126,699 shares of common stock and new unregistered Series B warrants to purchase up to an aggregate of 126,699 shares of common stock. The new Series A and Series B warrants will have an exercise price of $5.00 per share. The new Series A warrants will be exercisable immediately and will expire five and one- half years from the date of issuance and the new Series B warrants will be exercisable immediately and will expire eighteen months from the date of issuance.

The new warrants described above are being offered in a private placement and, along with the shares of common stock issuable upon exercise of the new warrants, have not been registered under the Securities Act of 1933, as amended (the "1933 Act"), or applicable state securities laws. Accordingly, the new warrants and shares of common stock issuable

upon the exercise of the new warrants may not be offered or sold in the United States

except pursuant to an effective registration statement or an applicable exemption

from the registration requirements of the 1933 Act and such applicable state securities

laws. The Company has agreed to file a registration statement with the Securities and Exchange Commission

("SEC") as soon as practicable and within 30 days covering the resale of the shares of common stock issuable upon exercise of the new

This press release shall not constitute an offer to sell or a solicitation of an offer

to buy any of the securities described herein, nor shall there be any sale of these

securities in any state or other jurisdiction in which such offer, solicitation or

sale would be unlawful prior to the registration or qualification under the securities

laws of any such state or other jurisdiction.

About Innovative Eyewear, Inc.

Innovative Eyewear is a developer of cutting-edge ChatGPT enabled smart eyewear, under

the Lucyd , Nautica , Eddie Bauer and Reebok brands. True to our mission to Upgrade

Your Eyewear , our Bluetooth audio glasses allow users to stay safely and ergonomically

connected to their digital lives and are offered in hundreds of frame and lens combinations

to meet the needs of the optical market. To learn more and explore our continuously

evolving collection of smart eyewear, please visit www.lucyd.co.

Forward Looking Statements

This press release contains certain forward-looking statements, including but not limited to, those relating to the satisfaction of customary closing conditions, the intended use of proceeds from the offering, the anticipated closing of the offering and the planned launch of the Company's new product lines. Forward-looking statements are based on the Company's current expectations and assumptions. The Private Securities Litigation Reform Act

of 1995 provides a safe-harbor for forward-looking statements. These statements may

be identified by the use of forward-looking expressions, including, but not limited

to, "anticipate," "believe," "continue," "estimate," "expect," "future," "intend,"

"may," "outlook," "plan," "potential," "predict," "project," "should," "will," "would"

and similar expressions that predict or indicate future events or trends or that are

not statements of historical matters, but the absence of these words does not mean

that a statement is not forward-looking. The Company undertakes no obligation to publicly

update any forward-looking statement, whether as a result of new information, future

events or otherwise, except as required by law. Important factors that could cause

actual results to differ materially from those in the forward-looking statements include, among others, market and other conditions, and other factors and risks identified

from time to time in the Company's filings with the SEC, including its annual report on Form 10-K under the caption "Risk Factors" filed with the SEC on March 25, 2024.

Investor Relations Contacts:

Innovative Eyewear, Inc.

Skyline Corporate Communications Group, LLC

Office: +1 (646) 893-5835

Email: scott@skylineccg.com