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

ToughBuilt Industries has launched the innovative Reload Utility Knife, now available through a major US home improvement retailer and globally across 15,500 storefronts. This knife features a patented magazine-fed reloading mechanism, allowing users to load up to 15 blades without traditional disassembly. The utility knife aims to capture additional market share in a competitive sector, which was valued at $1.178 billion in 2021. CEO Michael Panosian expressed confidence that this product will significantly contribute to ToughBuilt's revenue growth.

ToughBuilt Industries (NASDAQ: TBLT; TBLTW) announced the launch of 93 products on Amazon's Italian and German platforms. CEO Michael Panosian emphasized the company's aim to increase brand recognition and support retail partners' margins. ToughBuilt specializes in innovative tools and accessories for the construction industry, reporting significant annual sales growth since its inception in 2013. The company continues to focus on product development across multiple categories while navigating challenges such as competition and supply chain disruptions.

ToughBuilt Industries has signed an agreement with Ace Hardware to distribute 35 of its products across 5,500 Ace stores in the U.S., beginning Q2 2022. This partnership aims to enhance ToughBuilt's market presence and revenue growth. Key products include tool belts, knee pads, and cutting tools. CEO Michael Panosian expressed enthusiasm for this collaboration, highlighting it as a significant milestone in their expansion strategy. Ace Hardware operates as a cooperative with substantial annual sales, enhancing ToughBuilt's visibility in the hardware retail sector.

ToughBuilt announced the completion of a private placement, raising $20 million through the sale of 4,000,000 shares of common stock and preferred investment options to purchase an additional 8,000,000 shares. The offering price was set at $5.00 per share, above the market price, with proceeds earmarked for general corporate purposes, including working capital. The company now has 8,787,129 shares outstanding. H.C. Wainwright & Co. acted as the exclusive placement agent, and ToughBuilt plans to file registration statements for reselling the securities.

ToughBuilt Industries announced the issuance of 4 million shares of common stock at $5.00 each, aiming for gross proceeds of $20 million. Each share is accompanied by preferred investment options for up to 8 million additional shares. The private placement is expected to close by July 27, 2022, pending customary conditions. These funds will primarily support general corporate needs, including working capital. The offering is conducted under SEC regulations, and ToughBuilt plans to register the securities for resale in the future.

ToughBuilt Industries reported gross sales of $3.56 million for Q2 2022, marking a 20% increase from the same quarter in 2021. For the first half of 2022, sales rose 24% to approximately $7.01 million compared to $5.31 million in H1 2021. CEO Michael Panosian highlighted the company's growth despite challenging market conditions, with Amazon sales driving significant revenue growth. ToughBuilt focuses on innovative products in the construction sector, with ongoing plans to expand its product portfolio to bolster revenue further.

On June 22, 2022, ToughBuilt Industries closed a public offering of 3,157,895 shares of common stock at $1.90 per share, with warrants to purchase the same amount. The offering generated approximately $6 million in gross proceeds, intended for general corporate purposes, including working capital and repurchasing existing warrants. This follows the SEC's effective declaration of the registration statement on June 17, 2022. H.C. Wainwright & Co. served as the exclusive placement agent.

ToughBuilt Industries announced a public offering of 3,157,895 shares of its common stock at $1.90 per share, along with warrants to purchase an equal number of shares. The offering is expected to generate approximately $6 million in gross proceeds, which will be used for general corporate purposes, including working capital and repurchasing existing warrants. The offering's closing is anticipated around June 22, 2022, subject to customary conditions. H.C. Wainwright & Co. is the exclusive placement agent for this offering.

ToughBuilt Industries reported first-quarter revenue of $17.2 million, reflecting a 40% year-over-year growth. This increase was attributed to strong product acceptance, recurring orders, and new customer additions. However, operating expenses surged to $18.4 million due to rising shipping costs and marketing investments. The net loss for the quarter reached approximately $12.1 million, compared to $6.1 million a year prior. ToughBuilt is focusing on reducing losses and plans to launch additional product lines while expanding global distribution.