ToughBuilt completes $5 million direct offering

ToughBuilt Industries, the California-based manufacturer of Workwear, safety products, and tools, reported that it has closed a registered direct offering of 2,500 shares of Series F Convertible Preferred Stock and 2,500 shares of Series G Convertible Preferred Stock for gross proceeds of $5 million.

The shares of Series F Convertible Preferred Stock have a stated value of $1,000 per share and are convertible into an aggregate of 12,500,000 shares of common stock at a conversion price of $0.20 per share.

The shares of Series G Convertible Preferred Stock have a stated value of $1,000 per share and are convertible into an aggregate of 12,500,000 shares of common stock at a conversion price of $0.20 per share.  

H.C. Wainwright & Co. acted as the exclusive placement agent for the offering.

ToughBuilt said that it intends to use the net proceeds from the offering for working capital purposes.

The Company also issued investors unregistered warrants to purchase up to an aggregate of 18,750,000 shares of our common stock, at an exercise price of $0.251 per share.