IRVINE, Calif. – ToughBuilt Industries (NASDAQ:TBLT), Inc. (NASDAQ: TBLT; TBLTW), a developer, manufacturer, and distributor of tools and accessories for the construction industry, has closed a public offering, raising approximately $3.5 million in gross proceeds. The offering included 772,628 shares of common stock, or pre-funded warrants, and equal warrants to purchase additional shares, at a public offering price of $4.53 each.
The accompanying warrants are exercisable at $4.405 per share and are valid for five years from the date of issuance. H.C. Wainwright & Co. served as the exclusive placement agent for the transaction.
In conjunction with the offering, ToughBuilt amended existing warrants for an aggregate of 279,278 shares of common stock, issued in June and August 2023. These amendments reduce the exercise price to $4.405 per share for a fee of $0.125 per amended warrant.
The net proceeds from the offering are earmarked for general corporate purposes, including working capital. The offering was made following a registration statement filed with and declared effective by the SEC on February 13, 2024.
ToughBuilt, known for its innovative product design, caters to both the professional and do-it-yourself markets under the TOUGHBUILT brand. The company's product line spans hand tools, storage solutions, and job site support equipment. Since its inception in 2013, ToughBuilt has reported significant annual sales growth.
The company's securities were offered only by prospectus, a part of the registration statement. The final prospectus is available on the SEC's website and from H.C. Wainwright & Co.
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