I've seen the equal sign
used to suggest hair standing on end, to indicate shock, astonishment, etc.
However, your version doesn't seem to have any eyes apart from that, so I wonder if there's any reason to read it as an alternate version of eyes. It wouldn't be any weirder than the Japanese-inspired smiley that apparently interprets ^^ as eyes, when they look to me more like eyebrows or spiky hair tufts or who knows what.
The small O
can be used to mean an open mouth, like when saying "Oh!", which would indicate surprise.
However, in your version there's also a smiling mouth,
so the O would have to be the nose? Maybe like a snub nose, a child's nose, an innocent or naive expression?
Or maybe I'm taking the parts too literally.
Or maybe it's an abstract drawing of something else. (-: