ToughBuilt Provides Update on Series B Warrant Conversion
Toughbuilt Industries, Inc Units (TBLTU)
Company Research
Source: GlobeNewswire
LAKE FOREST, Calif., May 28, 2019 (GLOBE NEWSWIRE) -- ToughBuilt Industries, Inc. (“ToughBuilt”) (NASDAQ: TBLT; TBLTW; TBLTU), a leading designer, manufacturer and distributor of innovative tools and accessories for the building industry, today provided an update on the status of its Series B Warrant exercises. As of May 24, 2019, 2,191,293 Series B Warrants remain out of an original total of 6,379,571 Series B Warrants, and 4,188,278 have been exercised on a cashless basis. These Series B Warrants are the initial warrants issued in the IPO (including the greenshoe) and the concurrent private placement in November 2018. The exercise of these Series B Warrants into common stock has the combined benefit of simplifying the Company’s capital structure, as well as reducing the shareholders deficit to assist the Company in regaining a strong shareholders’ equity position. Michael Panosian, Chief Executive Officer of ToughBuilt, further noted, “I am pleased to report that my team and I
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