04:22 AM EDT, 09/26/2024 (MT Newswires) -- Innovative Eyewear ( LUCY ) said late Wednesday that its board approved adopting a limited-duration stockholder rights plan and declared a dividend distribution of one right for each outstanding share.

The record date for such distribution is Sept. 25.

The rights plan will expire on Sept. 25, 2025, or earlier, as disclosed in the plan.

The rights plan is similar to others adopted by publicly traded companies and reduces the likelihood of any person or group gaining control of Innovative Eyewear ( LUCY ) through "open market accumulation or other tactics without paying an appropriate control premium," the company said.