ToughBuilt Industries, Inc. Granted 180-Day Extension to Meet Nasdaq Minimum Bid Requirement
January 22 2021 - 9:00AM
ToughBuilt Industries, Inc. (“ToughBuilt” or the “Company”)
(NASDAQ: TBLT; TBLTW) today announced that on January 21, 2021, the
Company received a 180-day extension from Nasdaq’s Listing
Qualification Department to meet Nasdaq’s continuing listing
requirements by maintaining a minimum bid price per share of $1.00
for a minimum of 10 consecutive trading days. The Company now has
until July 19, 2021 to meet Nasdaq’s minimum bid requirement.
The Company was first notified by Nasdaq of its
failure to maintain a minimum bid price of $1.00 per share for 30
consecutive trading days under Nasdaq Listing Rules 5550(a)(2) and
5810(c)(3)(A) on July 24, 2020 and was given until January 20, 2021
to regain compliance.
“We are pleased to have received an extension,”
said Michael Panosian, Chief Executive Officer of ToughBuilt. “We
believe that we regain compliance during the extension.”
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 our 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. 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 and (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. 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.
Investor Relations Contact: Andrew J. Barwicki Investor
Relations Tel: 516-662-9461 Andrew@barwicki.com
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