New York, NY, June 17, 2022 — Carmel, Milazzo & Feil LLP (“CMF”) a securities law firm, announced today that it has represented ToughBuilt Industries, Inc. (“ToughBuilt” or the “Company”) (Nasdaq: TBLT; TBLTW), in the public offering of 3,157,895 shares of its common stock (or pre-funded warrants in lieu thereof), together with warrants to purchase up to 3,157,895 shares of its common stock at an offering price to the public of $1.90 per share (or pre-funded warrant) and associated warrant. The warrants will have an exercise price of $1.90 per share, are exercisable upon issuance, and will expire five years following the date of issuance. The closing of the offering is expected to occur on or about June 22, 2022, subject to the satisfaction of customary closing conditions.
H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.
The gross proceeds to the Company from the offering are expected to be approximately $6 million, before deducting the placement agent’s fees and other offering expenses payable by ToughBuilt. The Company intends to use the net proceeds from this offering for general corporate purposes, including working capital, and the repurchase of certain existing warrants.
A registration statement on Form S-1 (File No. 333-264930) relating to these securities has been filed with the Securities and Exchange Commission, or the SEC, and was declared effective by the SEC on June 17, 2022. The offering will be made only by means of a prospectus, which is part of the effective registration statement. When available, electronic copies of the final prospectus may be obtained for free on the SEC’s website located at http://www.sec.gov and may also be obtained by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by phone at (212) 856-5711 or e-mail at firstname.lastname@example.org.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.