ToughBuilt Industries Inc. (NASDAQ: TBLT) stock gained by 45.75% at last close whereas the TBLT stock price declines by 17.51% in the pre-market trading session. ToughBuilt is a leading product developer, producer, and distributor with a focus on cutting-edge technology. Currently focusing on tools and various accessories for the construction industry, both professional and do-it-yourself.
Recent Past Development
ToughBuilt Industries has entered into a securities contract with some of the institutional investors for the granting and sale of 46,029,920 shares of common stock and warrants to acquire up to 23,014,960 shares of common stock in a registered direct offering valued at the market under NASDAQ rules, at a purchase cost of $0.869 per share and accompanying warrant. The warrants will be instantly exercisable at $0.81 per share of common stock and will be valid for five years from the date of issuance. The offering is scheduled to close on or around July 14, 2021, pending the fulfillment of normal closing conditions.
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H.C. Wainwright & Co. is serving as the offering’s sole placement agent.
Before subtracting placement agency fees and other offering charges, the gross proceeds to TBLT are estimated to be around $40 million. ToughBuilt expects to use the net proceeds of the transaction for working capital needs at this time.
ToughBuilt Industries said that total sales on Amazon.com grew by 118 percent in the first half of 2021, to $5.48 million, relative to $2.51 million in the first half of 2020.
Michael Panosian, Chief Executive Officer of ToughBuilt, stated,
The rising strength of the brand throughout all product categories with experienced and DIY builders across North America is reflected in the considerable growth of their Amazon.com sales in the first half of 2021. They are concurrently growing their regional reach and introducing new SKUs to capitalize on the tremendous demand for their unique designs and features as their online presence grows into Canada and Mexico and US sales continue to rise.