EX-5.1 4 innovative_ex5-1.htm EXHIBIT 5.1

 

Exhibit 5.1

 

1345 AVENUE OF THE AMERICAS, 11th FLOOR

NEW YORK, NEW YORK 10017

TELEPHONE: (212) 370-1300

FACSIMILE: (212) 370-7889

www.egsllp.com

 

 

May 1, 2024

 

Innovative Eyewear, Inc.

11900 Biscayne Blvd., Suite 630

North Miami, Florida 33181

 

Re: Registration Statement on Form S-3 (333-276938)

 

Ladies and Gentlemen:

 

We have acted as counsel to Innovative Eyewear, Inc., a Florida corporation (the “Company”), in connection with the above-referenced registration statement (the “Registration Statement”), the base prospectus dated March 26, 2024 (the “Base Prospectus”) and the prospectus supplement dated April 28, 2024 (the “Prospectus Supplement” and together with the Base Prospectus, the “Prospectus”), relating to the offering by the Company of 4,200,822 shares (the “Shares”) of the Company’s common stock, par value $0.00001 per share (“Common Stock”). The Shares are being offered and sold pursuant to that certain Securities Purchase Agreement, dated as of April 28, 2024 (the “Purchase Agreement”), by and among the Company and the purchasers identified on the signature pages thereto and in the manner contemplated by the Prospectus Supplement.

 

For purposes of this opinion, we have examined such documents and reviewed such questions of law as we have considered necessary and appropriate for the purposes of our opinion set forth below. In rendering our opinion, we have assumed the authenticity of all documents submitted to us as originals, the genuineness of all signatures and the conformity to authentic originals of all documents submitted to us as copies. We have also assumed the legal capacity for all purposes relevant hereto of all natural persons and, with respect to all parties to agreements or instruments relevant hereto other than the Company, that such parties had the requisite power and authority (corporate or otherwise) to execute, deliver and perform such agreements or instruments, that such agreements or instruments have been duly authorized by all requisite action (corporate or otherwise), executed and delivered by such parties and that such agreements or instruments are the valid, binding and enforceable obligations of such parties. As to questions of fact material to our opinions, we have relied upon certificates of officers of the Company and of public officials.

 

Based upon and subject to the foregoing, we are of the opinion that the Shares have been duly authorized and, when issued and paid for as described in the Prospectus Supplement and pursuant to the terms of the Purchase Agreement, will be validly issued, fully paid and non-assessable.

 

The opinions expressed herein are limited to the laws of the Florida Business Corporation Act, the laws of the State of New York and the federal laws of the United States of America, as currently in effect, and no opinion is expressed with respect to any other laws or any effect that such other laws may have on the opinions expressed herein.

 

We consent to the filing of this opinion with the Securities and Exchange Commission as Exhibit 5.1 to the Company’s Current Report on Form 8-K, dated May 1, which is incorporated by reference in the Prospectus. We also consent to the reference of our firm under the caption “Legal Matters” in the Prospectus Supplement. In giving this consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7 and Section 11 of the Securities Act of 1933, as amended (the “Act”), or the rules and regulations of the Securities and Exchange Commission promulgated thereunder, nor do we admit that we are experts with respect to any part of the Prospectus within the meaning of the term “expert” as used in the Act or the related rules and regulations of the Securities and Exchange Commission promulgated thereunder.

 

  Very truly yours,
   
  /s/ Ellenoff Grossman & Schole LLP