Event: Lucyd’s US subsidiary, Innovative Eyewear Inc., completed an IPO on Nasdaq.

• The IPO for Innovative Eyewear Inc. was priced on 14 August 2022 issuing 980,000 new units at US$7.50 per unit, for a total of US$7.35m. Each unit was comprised of one share and 2 warrants in the company.
• The pre-money value of LUCY was set at US$47.5m, translating to a post money/IPO value of US$54.8m
• TEK owns 100% of Lucyd Ltd. and approximately 71% of Innovative Eyewear Inc. post IPO
• The IPO places a market value of US$54.8m on LUCY, translating to US$38.9m for TEK’s 70%, a 43.5% premium to its book value holding.

Outlook: We continue to believe there is significant upside to the current valuations of each of TEK’s portfolio companies. Looking at the valuation of the portfolio companies we derive a minimum current value for TEK of ~49p/shr. We continue to rate TEK a Buy.

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