/THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO
U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES/
VANCOUVER, BC, Oct. 11,
2024 /CNW/ - Kits Eyecare Ltd. (TSX:
KITS) ("KITS" or the "Company"), a leading
vertically integrated eyecare provider, is pleased to announce the
closing of the over-allotment option (the "Over-Allotment
Option") in connection with its previously announced secondary
offering of common shares of the Company (the "Common
Shares"). Canaccord Genuity Corp., as sole bookrunner and
co-lead underwriter, together with Beacon Securities Limited, as
co-lead underwriter, on behalf of a syndicate of underwriters
(collectively, the "Underwriters") elected to exercise the
Over-Allotment Option in full and purchased, on a bought deal
basis, an aggregate of 168,750 additional Common Shares held by
0999849 B.C. Ltd, an entity
controlled by Roger Hardy (the
"Hardy Shareholder"), LD Group Holdings Ltd., an entity
controlled by Arshil Abdulla ("LD Group") and Joseph Thompson (together with the Hardy
Shareholder and LD Group, the "Selling Securityholders") at
a price of $10.15 per share for total
gross proceeds to the Selling Securityholders of $1,712,812.50. KITS did not receive any proceeds
from the Over-Allotment Option.
Immediately following the closing of the Over-Allotment Option,
Roger Hardy, directly or indirectly,
owns or controls an aggregate of 9,014,110 Common Shares,
representing approximately 28.5% of the issued and outstanding
Common Shares; the LD Group, directly or indirectly, owns or
controls 10,498,089 Common Shares, representing approximately 33.2%
of the issued and outstanding Common Shares; and Joseph Thompson, directly or indirectly, owns or
controls 216,829 Common Shares, representing approximately 0.7% of
the issued and outstanding Common Shares.
Following the completion of the Over-Allotment Option, the
Company's insiders own approximately 74.7% of the issued and
outstanding Common Shares.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy securities in the United States, nor shall there be any sale
of the securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful. The securities being
offered have not been, nor will they be, registered under the 1933
Act or under any U.S. state securities laws, and may not be offered
or sold in the United States
absent registration or an applicable exemption from the
registration requirements of the 1933 Act, and applicable U.S.
state securities laws.
About KITS
KITS makes eyecare easy. KITS is a leading vertically integrated
digital eyecare brand providing eyewear for eyes everywhere. We
offer customers access to a vast selection of contact lenses and
eyeglasses, including our own exclusive KITS designed products, as
well as a robust suite of online vision tools. Our efficient
digital platform, backed by our industry-leading manufacturing and
designs, removes intermediaries, and enables us to offer great
prices and deliver made to order personalized products with
incredible care and accuracy. We are creating disruption in the
industry by constantly pursuing cutting-edge technologies to enable
the best customer experience, including online eyewear fitting
tools, and virtual try-on for glasses. We strive to delight our
customers with our competitive prices, a convenient digital
shopping experience, fast and reliable delivery options, and an
unrelenting focus on earning our customers' lifelong trust. For
more information on KITS, visit: www.kits.com.
Forward-Looking Information
Certain information in this press release, including the
exercise by the Underwriters of the Over-Allotment Option,
constitutes forward-looking information. In some cases, but not
necessarily in all cases, forward-looking information can be
identified by the use of forward-looking terminology such as
"plans", "targets", "expects" or "does not expect", "is expected",
"an opportunity exists", "is positioned", "estimates", "intends",
"assumes", "anticipates" or "does not anticipate" or "believes", or
variations of such words and phrases or state that certain actions,
events or results "may", "could", "would", "might", "will" or "will
be taken", "occur" or "be achieved". In addition, any statements
that refer to expectations, projections or other characterizations
of future events or circumstances contain forward-looking
information. Statements containing forward-looking information are
not historical facts but instead represent management's
expectations, estimates and projections regarding future
events.
Forward-looking information is necessarily based on a number of
opinions, assumptions and estimates that, while considered
reasonable by KITS as of the date of this press release, are
subject to known and unknown risks, uncertainties, assumptions and
other factors that may cause the actual results, level of activity,
performance or achievements to be materially different from those
expressed or implied by such forward-looking information, including
but not limited to the factors described in greater detail under
the "Risk Factors" sections of the management's annual information
form, discussion and analysis of financial condition and results of
operations of KITS for the 3-month and 6-month periods ended
June 30, 2024, each available at
www.sedarplus.ca. These factors are not intended to represent a
complete list of the factors that could affect KITS; however, these
factors should be considered carefully. There can be no assurance
that such estimates and assumptions will prove to be correct. The
forward-looking statements contained in this press release are made
as of the date of this press release, and KITS expressly disclaims
any obligation to update or alter statements containing any
forward-looking information, or the factors or assumptions
underlying them, whether as a result of new information, future
events or otherwise, except as required by law.
SOURCE KITS Eyecare Ltd.