Toughbuilt industries announces $20 million private placement priced at a premium to market under nasdaq rules

Lake forest, calif., july 25, 2022 (globe newswire) -- toughbuilt industries, inc. (“toughbuilt” or the “company”) (nasdaq: tblt; tbltw), today announced that it has entered into definitive agreements with institutional investors for the issuance and sale of 4,000,000 shares of common stock (or pre-funded warrants in lieu thereof) and preferred investment options to purchase up to 8,000,000 shares of common stock at an offering price of $5.00 per share (or pre-funded warrant) and accompanying preferred investment options, in a private placement priced at a premium to market under nasdaq rules. each share of common stock (or pre-funded warrant) was sold in the offering together with a series a preferred investment option to purchase one share of common stock that is exercisable immediately for a term of three years at an exercise price of $5.00 per share and a series b preferred investment option to purchase one share of common stock that is exercisable immediately for a term of two years at an exercise price of $5.00 per share. the private placement is expected to close on or about july 27, 2022, subject to the satisfaction of customary closing conditions.
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