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Toughbuilt Industries, Inc. engages in the marketing and distribution of home improvement and construction product lines under TOUGHBUILT brand. It offers cliptech tool belts, pouches and bags, bags and totes, business organization, knee pads, miter saw stands and sawhorses. Founded by Michael Panosian and Joshua Keeler on April 9, 2012, the company aims to achieve positive operating cash flow by the third quarter of fiscal 2024 through revenue generation, cost-saving measures, and exploring new markets.
They are also in a strategic alliance with King Trade Capital to enhance procurement, direct import, and order fulfillment capabilities. ToughBuilt is committed to fulfilling its reporting obligations to regain compliance with Nasdaq listing rules while focusing on product innovation and quality for the home improvement and construction industries.
ToughBuilt Industries, Inc. (Nasdaq: TBLT) received a Staff Determination letter from Nasdaq, which may result in its delisting due to non-compliance with Nasdaq’s majority independent board and independent committee requirements, and failure to file Form 10-K for 2023 and Form 10-Q for Q1 2024 in a timely manner. The issues also stem from payments to Adaptive Tech Solutions (ATS), linked to a family member of director Linda Moossaian, invalidating her status as an independent director. ToughBuilt has requested a hearing and a stay of trading suspension, aiming to resolve the compliance issues and maintain its Nasdaq listing.
ToughBuilt Industries (NASDAQ: TBLT) announced it received a notice from Nasdaq on May 22, 2024, due to the company's failure to file its Form 10-Q for Q1 2024 and Form 10-K for FY 2023. This non-compliance with Nasdaq Listing Rule 5250(c)(1) requires timely submission of financial reports. The notice does not immediately affect the company's stock listing, but continued non-compliance could lead to delisting. ToughBuilt has until June 8, 2024, to submit a plan to regain compliance, and potential extensions could extend the deadline to October 14, 2024. The company is working to complete the required filings and will update accordingly.