ToughBuilt Industries Announces Pricing of Initial Public Offering
November 09 2018 - 1:13PM
ToughBuilt Industries, Inc. (“ToughBuilt”) (NASDAQ: TLBTU;
TBLT; TBLTW), a leading designer, manufacturer and
distributor of innovative tools and accessories to the building
industry, today announced the pricing of its initial public
offering of 2,670,000 Class A units, each unit consisting of one
share of common stock, one Series A warrant to purchase one share
of common stock and one Series B warrant to purchase one share of
common stock, at a price to the public of $5.00 per unit (the
“Units”), for aggregate gross proceeds of $13,350,000, before
deducting the underwriting discounts and commissions and offering
expenses. The Company intends to use net proceeds from this
offering for sales and marketing, developing new products,
satisfaction of indebtedness, increasing production capacity, and
for general corporate purposes.
The Units are expected to begin trading today on The NASDAQ
Capital Market, under the symbol "TBLTU" and, upon separation of
the components of the Units, the common stock and Series A warrant
will begin to trade separately, under the symbols “TBLT” and
"TBLTW," respectively, and the Units will be delisted and cease
trading. The Series B warrant will not trade.
Each Series A warrant is immediately exercisable for one share
of common stock at an exercise price of $5.50 per share and will
expire five years from issuance and each Series B warrant is
immediately exercisable at an exercise price of $5.00 per share and
will expire one year from issuance.
ToughBuilt has granted the underwriters the right to purchase up
to an additional 400,500 Units at a price of $5.00 per Unit, and/or
400,500 shares of common stock at a price of $4.98 per share,
and/or 400,500 additional Series A warrants at a price of $0.01 per
Series A warrant and/or 400,500 additional Series B warrants at a
price of $0.01 per Series B warrant less, in each case, the
underwriting discount, within 45 days from the date of this
prospectus to cover over-allotments, if any.
Maxim Group LLC is acting as lead bookrunning manager and Joseph
Gunnar & Co., LLC is acting as co-bookrunning manager for the
offering.
A registration statement relating to these securities was
declared effective by the Securities and Exchange Commission (the
“SEC”) on November 8, 2018. The offering will be made only by means
of a prospectus. A copy of the final prospectus relating to the
proposed offering, when available, may be obtained from Maxim Group
LLC, 405 Lexington Ave., 2nd Floor, New York, NY, 10174; or by
telephone at (800) 724-0761.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of,
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification of these securities under the securities laws of any
such state or jurisdiction.
About ToughBuilt Industries, Inc.
ToughBuilt is a leading designer, manufacturer and distributor
of innovative tools and accessories to the building industry. We
market and distribute various home improvement and construction
product lines for both the do-it-yourself and professional markets
under the TOUGHBUILT® brand name, within the global multibillion
dollar per year tool market industry. All of our products are
designed by our in-house design team. Since launching product sales
in 2013, we have experienced significant annual sales growth. Our
current product line includes three major categories, with several
additional categories in various stages of development, consisting
of Soft Goods & Kneepads and Sawhorses & Work Products. Our
mission is to provide products to the building and home improvement
communities that are innovative, of superior quality derived in
part from enlightened creativity for our end users while enhancing
performance, improving well-being and building high brand loyalty.
Additional information about the Company is available at:
https://www.toughbuilt.com/.
Forward-Looking Statements
This press release contains certain forward-looking statements,
including statements with regard to ToughBuilt’s proposed initial
public offering. Words such as “expects,” “anticipates” and
“intends” or similar expressions are intended to identify
forward-looking statements. These forward-looking statements are
subject to the inherent uncertainties in predicting future results
and conditions and no assurance can be given that the initial
public offering discussed above will be completed on the terms
described. Completion of the proposed initial public offering and
the terms thereof are subject to numerous factors, many of which
are beyond the control of the Company, including, without
limitation, failure of customary closing conditions and the risk
factors and other matters set forth in the prospectus included in
the registration statement, in the form last filed with the SEC.
ToughBuilt undertakes no obligation to publicly update or revise
any forward-looking statements, whether as a result of new
information, future events or otherwise, except as may be required
by law.
Contact:
Crescendo Communications, LLC Email: TBLT@crescendo-ir.com Tel:
(212) 671-1021
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