ToughBuilt Industries, Inc. Granted 180-Day Extension to Meet Nasdaq Minimum Bid Requirement
November 15 2021 - 4:28PM
ToughBuilt Industries, Inc. (“ToughBuilt” or the “Company”)
(NASDAQ: TBLT; TBLTW) today announced that on November 15, 2021,
the Company received a 180 calendar 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 May 14, 2022 to meet Nasdaq’s minimum bid
requirement.
This current notification from Nasdaq has no immediate effect on
the listing or trading of the Company's common stock, which will
continue to trade on the Nasdaq Capital Market under the symbol
"TBLT."
If at any time until May 14, 2022, the bid price of the
Company’s common stock closes at or above $1.00 per share for a
minimum of 10 consecutive trading days, the Company will regain
compliance with the Rule, and the matter will be closed.
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 May 19, 2021 and was given until November 15, 2021
to regain compliance.
If the Company does not meet the minimum bid
requirement during the additional 180-day grace period, Nasdaq will
provide written notification to the Company that its shares will be
subject to delisting. At such time, the Company may appeal the
delisting determination to a Nasdaq Hearings Panel. The Company
would remain listed pending the Panel's decision. There can be no
assurance that if the Company does appeal a subsequent delisting
determination, that such appeal would be successful.
ABOUT TOUGHBUILT
INDUSTRIES, INC.
ToughBuilt is an advanced product design,
manufacturer, and distributor with an 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. Such risks and uncertainties include,
without limitation, risks and uncertainties associated with (i) the
impact of the worldwide COVID-19 pandemic and government actions,
on our business, (ii) supply chain disruptions, (iii) market
acceptance of our existing and new products, (iv) delays in
bringing products to key markets; (v) an inability to secure
regulatory approvals for the ability to sell our products in
certain markets, (vi) intense competition in our industry from much
larger, multinational companies, (vii) product liability claims,
(viii) product malfunctions, (ix) our limited manufacturing
capabilities and reliance on subcontractors for assistance, (x) our
efforts to successfully obtain and maintain intellectual property
protection covering our products or defend ourselves from third
parties’ infringement claims, (xi) our reliance on a single
supplier for certain product components, (xii) 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 (xiii) the fact that we
conduct business in multiple foreign jurisdictions, exposing us to
tariffs, 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 (xiv) changes in e-commerce marketplaces. 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 our Annual Report on Form 10-K and our
subsequent Quarterly Reports on Form 10-Q. Investors and security
holders are urged to read these documents free of charge on the
SEC’s website at http://www.sec.gov. The Company encourages you to
carefully consider all of these risks, uncertainties, and other
factors in evaluating the forward-looking statements contained in
this press release. As a result of these matters, changes in facts,
assumptions not being realized, or other circumstances, the
Company’s actual results may differ materially from the expected
results discussed in the forward-looking statements contained in
this press release. The forward-looking statements made in this
press release are made only as of the date of this press release,
and the Company undertakes no obligation to update them to reflect
subsequent events or circumstances.
Investor Relations Contact:KCSA Strategic
CommunicationsDavid
Hanovertoughbuilt@kcsa.comSource: ToughBuilt Industries,
Inc.
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