ToughBuilt Industries Announces Pricing of $6 Million Public Offering
June 17 2022 - 9:00AM
ToughBuilt Industries, Inc. (“ToughBuilt” or the “Company”)
(NASDAQ: TBLT; TBLTW), today announced the pricing of a public
offering of 3,157,895 shares of its common stock (or pre-funded
warrants in lieu thereof), together with warrants to purchase up to
3,157,895 shares of its common stock at an offering price to the
public of $1.90 per share (or pre-funded warrant) and associated
warrant. The warrants will have an exercise price of $1.90 per
share, are exercisable upon issuance, and will expire five years
following the date of issuance. The closing of the offering is
expected to occur on or about June 22, 2022, 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 from the
offering are expected to be approximately $6 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, and the repurchase of certain existing
warrants.
A registration statement on Form S-1 (File No.
333-264930) relating to these securities has been filed with the
Securities and Exchange Commission, or the SEC, and was declared
effective by the SEC on June 17, 2022. The offering will be made
only by means of a prospectus, which is part of the effective
registration statement. When available, 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.
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 advanced product design,
manufacturer and distributor with emphasis on innovative products.
Currently, we are 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 include, but are not limited to,
statements regarding the intended use of proceeds from offering and
statements concerning the anticipated closing and closing date of
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 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
the 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, which may
not be successful, (xi) our reliance on single suppliers 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, (xiii) 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, (xiv) our
satisfaction of the closing conditions in this offering and our use
of the net proceeds in this offering, and (xv) 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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