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.