TBLT - ToughBuilt Industries stock plunges after pricing $6M equity offering

ToughBuilt Industries (NASDAQ:TBLT) shares plunged ~49% pre-market after the home improvement/construction products firm priced its $6M public offering of shares and warrants. The company is offering 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 $1.90 per share (or pre-funded warrant) and associated warrant. The warrants are exercisable upon issuance at $1.90/share and will expire five years following the date of issuance. Gross proceeds to the company from the offering are expected to be ~$6M. Net proceeds will be used for general corporate purposes, including working capital, and the repurchase of certain existing warrants. Offering is expected to close around June 22, 2022.

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ToughBuilt Industries stock plunges after pricing $6M equity offering