ToughBuilt Industries, Inc. Announces $40 Million Registered Direct Offering Priced At-The-Market Under Nasdaq Rules
12 Julho 2021 - 12:50AM
ToughBuilt Industries, Inc. (“ToughBuilt” or the “Company”)
(NASDAQ: TBLT; TBLTW),
today announced that
it has entered into securities purchase agreements with certain
institutional investors for the issuance and sale of 46,029,920
shares of common stock and warrants to purchase up to 23,014,960
shares of common stock, at a purchase price of $0.869 per share and
accompanying warrant in a registered direct offering priced
at-the-market under Nasdaq rules. The warrants will be immediately
exercisable at an exercise price of $0.81 per share of common stock
and will expire five years from the date of issuance. The closing
of the offering is expected to occur on or about July 14, 2021,
subject to the satisfaction of customary closing conditions.
H.C. Wainwright & Co. is acting as the
exclusive placement agent for the offering.
The gross proceeds to the Company are expected
to be approximately $40 million, before deducting placement agent
fees and other offering expenses. ToughBuilt currently intends to
use the net proceeds from the offering for working capital
purposes.
The securities described above are being offered
pursuant to a “shelf” registration statement on Form S-3
(Registration No. 333-252630) (the “Registration Statement”), which
was declared effective by the Securities and Exchange Commission
(the “SEC”) on February 8, 2021. A prospectus supplement to the
prospectus contained in the Registration Statement relating to the
offering will be filed with the SEC. Electronic copies of the
prospectus supplement and the accompanying prospectus relating to
the offering may be obtained, when available, from H.C. Wainwright
& Co., LLC, 430 Park Avenue 3rd Floor, New York, New York
10022, or by calling (212) 856-5711 or by emailing
placements@hcwco.com or at the SEC’s website
at http://www.sec.gov.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy, nor shall there be
any sale of these securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
jurisdiction.
About ToughBuilt Industries,
Inc.
ToughBuilt is an advanced product design,
manufacturer and distributor with emphasis on innovative products.
Currently focused on tools and other accessories for the
professional and do-it-yourself construction industries. We market
and distribute various home improvement and construction product
lines for both the do-it-yourself and professional markets under
the TOUGHBUILT brand name, within the global multibillion dollar
per year tool market industry. All of our products are designed by
our in-house design team. Since launching product sales in 2013, we
have experienced significant annual sales growth. Our current
product line includes three major categories, with several
additional categories in various stages of development, consisting
of Soft Goods & Kneepads and Sawhorses & Work Products. Our
mission is to provide products to the building and home improvement
communities that are innovative, of superior quality derived in
part from enlightened creativity for our end users while enhancing
performance, improving well-being and building high brand loyalty.
Additional information about the Company is available at:
https://www.toughbuilt.com/.
Forward Looking Statements:
This press release contains “forward-looking
statements.” Such statements may be preceded by the words
“intends,” “may,” “will,” “plans,” “expects,” “anticipates,”
“projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,”
“potential” or similar words. Forward-looking statements are not
guarantees of future performance, are based on certain assumptions
and are subject to various known and unknown risks and
uncertainties, many of which are beyond the Company’s control, and
cannot be predicted or quantified and consequently, actual results
may differ materially from those expressed or implied by such
forward-looking statements, and include, without limitation, the
completion of the registered direct offering; the satisfaction of
customary closing conditions related to the registered direct
offering and the intended use of net proceeds from the registered
direct offering. Such risks and uncertainties include, without
limitation, risks and uncertainties associated with (i) market
acceptance of our existing and new products, (ii) delays in
bringing products to key markets, (iii) an inability to secure
regulatory approvals for the ability to sell our products in
certain markets, (iv) intense competition in the industry from much
larger, multinational companies, (v) product liability claims, (vi)
product malfunctions, (vii) our limited manufacturing capabilities
and reliance on subcontractors for assistance, (viii) our efforts
to successfully obtain and maintain intellectual property
protection covering our products, which may not be successful, (ix)
our reliance on single suppliers for certain product components,
(x) the fact that we will need to raise additional capital to meet
our business requirements in the future and that such capital
raising may be costly, dilutive or difficult to obtain, (xi) the
fact that we conduct business in multiple foreign jurisdictions,
exposing us to foreign currency exchange rate fluctuations,
logistical and communications challenges, burdens and costs of
compliance with foreign laws and political and economic instability
in each jurisdiction, (x) market and other conditions. More
detailed information about the Company and the risk factors that
may affect the realization of forward looking statements is set
forth in the Company’s filings with the Securities and Exchange
Commission (SEC), including the Company’s Annual Report on Form 10
K and its Quarterly Reports on Form 10 Q. Investors and security
holders are urged to read these documents free of charge on the
SEC’s web site at http://www.sec.gov. The Company assumes no
obligation to publicly update or revise its forward-looking
statements as a result of new information, future events or
otherwise, except as required by law.
Investor Relations Contact:
KCSA Strategic CommunicationsDavid
HanoverToughBuilt@KCSA.com
ToughBuilt Industries (NASDAQ:TBLTW)
Gráfico Histórico do Ativo
De Fev 2024 até Mar 2024
ToughBuilt Industries (NASDAQ:TBLTW)
Gráfico Histórico do Ativo
De Mar 2023 até Mar 2024