ToughBuilt Industries, Inc. Granted 180-Day Extension to Meet Nasdaq Minimum Bid Requirement
November 16 2021 - 3:38PM
ToughBuilt Industries, Inc. (“ToughBuilt” or the “Company”)
(NASDAQ: TBLT; TBLTW) today announced that on November 16, 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 16, 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 16, 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 STATEMENTSThis
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.com
Source: ToughBuilt Industries, Inc.
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