ToughBuilt slumps after $20 mln private placement

Toughbuilt Industries

25/07/2022 16:01

** Shares of ToughBuilt Industries Inc  TBLT.O  drop by a
quarter to $5.78 as the construction tools maker announces a $20
mln private placement
    ** Co raises $20 mln from institutional investors by selling
4 mln common shares and pre-funded warrant along with options to
buy up to 8 mln shares  urn:newsml:reuters.com:*:nGNX1p5wH2
    ** Offer price of $5 per share, which is a 50% discount to
stock's last close 
    ** TBLT intends to use the proceeds for general corporate
purposes, including working capital
    ** Announcement follows 7 straight days of gains in which
the stock shot up 268% in value
    ** The company had a market cap of $10.8 mln as of last
closing price, after falling 86% in value this year  
    

 (Reporting by Medha Singh)
 ((medha.singh@thomsonreuters.com))