This company just keeps getting better and better!
LAKE FOREST, Calif, April 14, 2020 (GLOBE NEWSWIRE) -- ToughBuilt Industries, Inc. (“ToughBuilt” or the “Company”) (NASDAQ: TBLT; TBLTW) is an advanced product design, manufacturer and distributor with emphasis on innovative products, currently focused on tools and other accessories for the professional and home improvement building and construction industries.
ToughBuilt today announced that its Board of Directors has approved a 1-for-10 reverse split (the "Reverse Stock Split") of its issued and outstanding common stock (the "Common Stock") that will become effective on Wednesday, April 15, 2020. Its shareholders had previously approved a reverse stock split in the range of 1-for-2 to 1-for-10 on June 7, 2019. The Common Stock will begin trading on the Nasdaq Capital Market on a split-adjusted basis on that day under the new CUSIP number, 89157G504.
At the Effective Time, every ten issued and outstanding shares of the Company’s common stock will be converted into one share of the Company’s common stock, respectively. Once effective, the reverse stock split will reduce the number of shares of common stock issued and outstanding from approximately 130 million to approximately 13 million. No fractional shares will be issued in connection with the reverse stock split, and all fractional shares will be rounded up to the next whole share. The reverse stock split will not modify any rights or preferences of the Company’s common stock.
The trading symbol for the Company’s common stock will remain “TBLT.” The new CUSIP number for the Company’s common stock following the reverse stock split will be 89157G504. The Company’s Series A Warrants are not reverse split, and by their terms, the exercise price per warrant shall be increased by a factor of 10, to $55.00 per share, and each warrant shall be exercisable into 0.1 shares of Company common stock.
LAKE FOREST, Calif, April 14, 2020 (GLOBE NEWSWIRE) -- ToughBuilt Industries, Inc. (“ToughBuilt” or the “Company”) (NASDAQ: TBLT; TBLTW) is an advanced product design, manufacturer and distributor with emphasis on innovative products, currently focused on tools and other accessories for the professional and home improvement building and construction industries.
ToughBuilt today announced that its Board of Directors has approved a 1-for-10 reverse split (the "Reverse Stock Split") of its issued and outstanding common stock (the "Common Stock") that will become effective on Wednesday, April 15, 2020. Its shareholders had previously approved a reverse stock split in the range of 1-for-2 to 1-for-10 on June 7, 2019. The Common Stock will begin trading on the Nasdaq Capital Market on a split-adjusted basis on that day under the new CUSIP number, 89157G504.
At the Effective Time, every ten issued and outstanding shares of the Company’s common stock will be converted into one share of the Company’s common stock, respectively. Once effective, the reverse stock split will reduce the number of shares of common stock issued and outstanding from approximately 130 million to approximately 13 million. No fractional shares will be issued in connection with the reverse stock split, and all fractional shares will be rounded up to the next whole share. The reverse stock split will not modify any rights or preferences of the Company’s common stock.
The trading symbol for the Company’s common stock will remain “TBLT.” The new CUSIP number for the Company’s common stock following the reverse stock split will be 89157G504. The Company’s Series A Warrants are not reverse split, and by their terms, the exercise price per warrant shall be increased by a factor of 10, to $55.00 per share, and each warrant shall be exercisable into 0.1 shares of Company common stock.