ToughBuilt Industries, Inc. WT EXP 110923 - TBLTW STOCK NEWS

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.

Toughbuilt Industries, Inc. (Nasdaq: TBLT) received a delinquency notice from Nasdaq for not filing its Annual Report on Form 10-K for the fiscal year ended December 31, 2023. The company has 60 days to submit a plan to regain compliance with Nasdaq's Listing Rule. ToughBuilt is dedicated to fulfilling its reporting obligations and aims to file the Annual Report promptly.

ToughBuilt Industries Inc. secures a significant line of credit from King Trade Capital, expected to boost purchasing power by $30 million annually. The alliance aims to enhance procurement, direct import, and order fulfillment capabilities, strengthening relationships with retail partners and factories.

ToughBuilt Industries, Inc. successfully closed a public offering, selling 772,628 shares of common stock at $4.53 per share, raising approximately $3.5 million. The company intends to utilize the net proceeds for general corporate purposes and working capital. H.C. Wainwright & Co. served as the exclusive placement agent for the offering.

ToughBuilt Industries, Inc. announced the pricing of a public offering of 772,628 shares of its common stock with warrants at $4.53 per share. The offering includes warrants to purchase up to 772,628 shares at an exercise price of $4.405 per share, expiring in five years.

ToughBuilt Industries, Inc. aims to achieve positive operating cash flow by Q3 2024 through launching new products, cost-saving measures, and potential price adjustments. The company plans to expand into new markets and collaborate with global retail partners for growth.

ToughBuilt Industries, Inc. announced the release of 16 additional products to its StackTech® mobile toolbox system, disrupting the market and generating significant retail response and global interest. The Toolbox category is projected to expand at a CAGR of 8.3% from 2022 to 2032, with an expected market share of USD 6.8 Billion by 2032.

ToughBuilt Industries, Inc. (NASDAQ: TBLT) will undergo a reverse stock split at a ratio of 1 post-split share for every 65 pre-split shares, effective January 1, 2024. The reverse stock split aims to reduce the number of outstanding shares from 36,915,222 to approximately 567,927 shares, with proportional adjustments to equity awards and warrants. ToughBuilt's common stock will continue to be traded on the Nasdaq Capital Market under the symbol 'TBLT' on a split-adjusted basis starting January 2, 2024.

ToughBuilt Industries, Inc. (NASDAQ: TBLT; TBLTW) reported a 9% increase in revenue quarter-over-quarter to $20.6 million, with operating expenses decreasing by 11% year-over-year to $15.4 million, saving over $2 million. However, revenues decreased by approximately 32% to $20.6 million for Q3 2023 compared to $30.2 million in Q3 2022 due to decreased market demand. Gross profit and margin also decreased, but operating expenses decreased by 23.8%. Net loss attributable to common shareholders in Q3 2023 was approximately $8.4 million compared to net income of approximately $539 thousand in Q3 2022. ToughBuilt announced a dividend of Series H preferred stock to holders of ToughBuilt common stock and launched the StackTech™ mobile stacking toolbox system with more than 7 SKUs.