ToughBuilt Announces Financing with Institutional Investor
Toughbuilt Industries, Inc Units (TBLTU)
Company Research
Source: GlobeNewswire
LAKE FOREST, Calif., Aug. 19, 2019 (GLOBE NEWSWIRE) -- ToughBuilt Industries, Inc. (“ToughBuilt”) (NASDAQ: TBLT; TBLTW), a leading designer, manufacturer and distributor of innovative tools and accessories for the building industry, today announced a financing agreement with an institutional investor. On August 19, 2019, the Company entered into a Securities Purchase Agreement with an institutional investor pursuant to which it sold $11.5 million aggregate principal amount of two promissory notes (at an aggregate original issue discount of 15%) to the investor in a transaction exempt from registration under Section 4(a)(2) of the Securities Act of 1933, as amended. The first note (the “Series A Note”) has a face amount of $6.72 million for which the investor paid $5 million in cash. The second note (the “Series B Note” and with the Series A Note, collectively referred to as the “Notes”) has a principal amount of $4.78 million for which the investor paid $4.78 million in the form
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