Ms. Olivia Evans reports

KITS EYECARE LTD. INCREASES PREVIOUSLY ANNOUNCED SECONDARY OFFERING OF COMMON SHARES TO $11.4 MILLION AND INCREASES BLOCK TRADE OF COMMON SHARES

The previously announced secondary offering of common shares of Kits Eyecare Ltd. by Roger Hardy and entities managed by Mr. Hardy, LD Group Holdings Ltd., and Joseph Thompson has been upsized. The offering is being led by Canaccord Genuity Corp. as sole bookrunner and lead underwriter, on behalf of a syndicate of underwriters. Pursuant to the amended agreement, the size of the offering has increased from the previously announced $10.15-million to $11,418,750, with the underwriters agreeing to purchase on a bought deal basis an aggregate of 1,125,000 common shares held by the selling securityholders at an offering price of $10.15 per share.

The lead underwriter has also been granted an overallotment option to purchase up to an additional 168,750 common shares from the selling securityholders at the offering price for additional gross proceeds of $1,712,812.50 if the overallotment option is exercised in full. The overallotment option can be exercised at any time, in whole or in part, for a period of 30 days from the closing date of the offering, which is expected to occur on or about Sept. 26, 2024, and is subject to certain customary closing conditions.

A preliminary short form prospectus relating to the offering will be filed no later than Sept. 11, 2024, with Canadian securities regulatory authorities.

The underwriters have also increased the size of the previously announced agreement to purchase, on a bought deal basis, common shares from the spouse of Sabrina Liak (the block shareholder). The underwriters have now agreed to purchase 325,000 common shares from the block shareholder at the offering price for total gross proceeds of $3,298,750 (the concurrent bought block trade). The concurrent bought block trade is expected to close concurrently with the offering on or about Sept. 26, 2024. The completion of the offering is not conditional upon the completion of the concurrent bought block trade.

About Kits Eyecare Ltd.

Kits makes eye care easy. Kits is a leading vertically integrated digital eye care brand providing eyewear for eyes everywhere. The company offers customers access to a vast selection of contact lenses and eyeglasses, including the company's own exclusive Kits designed products as well as a robust suite of on-line vision tools. The company's efficient digital platform, backed by its industry-leading manufacturing and designs, removes intermediaries and enables Kits to offer great prices and deliver made-to-order personalized products with incredible care and accuracy. Kits is creating disruption in the industry by constantly pursuing cutting-edge technologies to enable the best customer experience, including on-line eyewear fitting tools and virtual try-on for glasses. Kits strives to delight its customers with the company's competitive prices, a convenient digital shopping experience, fast and reliable delivery options, and an unrelenting focus on earning its customers' lifelong trust.

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