Tekcapital (LON: TEK) shares have fallen Tuesday after it reported that Innovative Eyewear Inc, a U.S. operating subsidiary of its portfolio company Lucyd Ltd, has submitted a draft registration statement with the U.S. Securities and Exchange Commission (SEC) for a proposed initial public offering (IPO) of its shares.
In an earlier announcement, Tekcapital said Innovative Eyewear has closed its crowdfund raising approximately $154,000.
Tekcapital currently owns 100% of the share capital of Lucyd Ltd and approximately 80% of the share capital of Innovative Eyewear, Inc.
The company said Innovative Eyewear intends to commence the IPO following the completion of the SEC review process. However, it did note that there is no certainty of the IPO going ahead.
The news has seen Tekcapital's shares fall over 5% to 32.25p. However, its shares are still up well over 100% for the year to date.
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