- ToughBuilt Industries ( NASDAQ: TBLT ) trading 26.4% lower premarket after it entered into definitive agreements with institutional investors for the issuance and sale of 4M shares of common stock and preferred investment options to purchase up to 8M shares at an offering price of $5/share and accompanying preferred investment options, in a private placement priced at a premium to market.
- Each share was sold in the offering with a series A preferred investment option to purchase one share that is exercisable immediately for a term of three years at an exercise price of $5/share and a series B preferred investment option to purchase one share exercisable immediately for a term of two years at an exercise price of $5/share.
- The private placement is expected to close on or about July 27, 2022.
- Gross proceeds are expected to be $20M; net proceeds to be used for general corporate purposes, including working capital.
For further details see:
ToughBuilt Industries to raise $20M in stock offering alongwith preferred investment options