ToughBuilt Industries Announces Closing of $3.5 Million Public Offering
16 Febbraio 2024 - 10:05PM
ToughBuilt Industries, Inc. (“ToughBuilt” or the “Company”)
(NASDAQ: TBLT; TBLTW), today announced the closing of its
previously announced public offering of 772,628 shares of its
common stock (or pre-funded warrants in lieu thereof), together
with warrants to purchase up to 772,628 shares of its common stock
at an offering price to the public of $4.53 per share (or
pre-funded warrant) and associated warrant. The warrants have an
exercise price of $4.405 per share, be exercisable upon issuance,
and will expire five years following the date of issuance.
H.C. Wainwright & Co. acted as the exclusive placement agent
for the offering.
The gross proceeds to the Company from the
offering were approximately $3.5 million, before deducting the
placement agent’s fees and other offering expenses payable by
ToughBuilt. The Company intends to use the net proceeds from this
offering for general corporate purposes, including working
capital.
A registration statement on Form S-1 (File No.
333-276008) relating to these securities has been filed with the
Securities and Exchange Commission, or the SEC, and was declared
effective by the SEC on February 13, 2024. The offering was made
only by means of a prospectus, which is part of the effective
registration statement. A final prospectus relating to the offering
has been filed with the SEC. Electronic copies of the final
prospectus may be obtained for free on the SEC’s website located
at http://www.sec.gov and may also be obtained by contacting
H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New
York, NY 10022, by phone at (212) 856-5711 or e-mail at
placements@hcwco.com.
The Company also amended certain existing
warrants to purchase up to an aggregate of 279,278 shares of the
Company’s common stock that were previously issued in June 2023 and
August 2023 and had exercise prices of $18.85 and $20.8065 per
share, respectively, for $0.125 per amended warrant, such that the
amended warrants have a reduced exercise price of $4.405 per
share.
This press release does not constitute an offer
to sell or the solicitation of an offer to buy any of the
securities described herein, nor shall there be any sale of these
securities in any state or other jurisdiction in which such an
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or
other jurisdiction.
ABOUT TOUGHBUILT
INDUSTRIES, INC.
ToughBuilt is an innovative advanced product
developer, 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 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 Hand tools, Storage and Job Site support
equipment. 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 include, but are not limited to,
statements regarding the intended use of proceeds from the offering
and 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 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.
Such risks and uncertainties include, without limitation, risks and
uncertainties associated with, (i) supply chain disruptions, (ii)
market acceptance of our existing and new products, including the
Company’s StackTech® mobile stacking toolbox system (iii) delays in
bringing products to key markets, (iv) an inability to secure
regulatory approvals for the ability to sell our products in
certain markets, (v) intense competition in the industry from much
larger, multinational companies, (vi) product liability claims,
(vii) product malfunctions, (viii) our limited manufacturing
capabilities and reliance on subcontractors for assistance, (ix)
our efforts to successfully obtain and maintain intellectual
property protection covering our products, which may not be
successful, (x) our reliance on single suppliers for certain
product components, (xi) 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, (xii) 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, and (xiii) 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
Communications
David Hanover
ToughBuilt@KCSA.com
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