ToughBuilt Industries Announces Pricing of Initial Public Offering

LAKE FOREST, Calif., Nov. 09, 2018 (GLOBE NEWSWIRE) -- ToughBuilt Industries, Inc. (“ToughBuilt”) (NASDAQ: TLBTU; TBLT; TBLTW), a leading designer, manufacturer and distributor of innovative tools and accessories to the building industry, today announced the pricing of its initial public offering of 2,670,000 Class A units, each unit consisting of one share of common stock, one Series A warrant to purchase one share of common stock and one Series B warrant to purchase one share of common stock, at a price to the public of $5.00 per unit (the “Units”), for aggregate gross proceeds of $13,350,000, before deducting the underwriting discounts and commissions and offering expenses. The Company intends to use net proceeds from this offering for sales and marketing, developing new products, satisfaction of indebtedness, increasing production capacity, and for general corporate purposes.

The Units are expected to begin trading today on The NASDAQ Capital Market, under the symbol "TBLTU" and, upon separation of the components of the Units, the common stock and Series A warrant will begin to trade separately, under the symbols “TBLT” and "TBLTW," respectively, and the Units will be delisted and cease trading. The Series B warrant will not trade.

Each Series A warrant is immediately exercisable for one share of common stock at an exercise price of $5.50 per share and will expire five years from issuance and each Series B warrant is immediately exercisable at an exercise price of $5.00 per share and will expire one year from issuance.

ToughBuilt has granted the underwriters the right to purchase up to an additional 400,500 Units at a price of $5.00 per Unit, and/or 400,500 shares of common stock at a price of $4.98 per share, and/or 400,500 additional Series A warrants at a price of $0.01 per Series A warrant and/or 400,500 additional Series B warrants at a price of $0.01 per Series B warrant less, in each case, the underwriting discount, within 45 days from the date of this prospectus to cover over-allotments, if any.

Maxim Group LLC is acting as lead bookrunning manager and Joseph Gunnar & Co., LLC is acting as co-bookrunning manager for the offering.

A registration statement relating to these securities was declared effective by the Securities and Exchange Commission (the “SEC”) on November 8, 2018. The offering will be made only by means of a prospectus. A copy of the final prospectus relating to the proposed offering, when available, may be obtained from Maxim Group LLC, 405 Lexington Ave., 2nd Floor, New York, NY, 10174; or by telephone at (800) 724-0761.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification of these securities under the securities laws of any such state or jurisdiction.

About ToughBuilt Industries, Inc.

ToughBuilt is a leading designer, manufacturer and distributor of innovative tools and accessories to the building industry. We market and distribute various home improvement and construction product lines for both the do-it-yourself and professional markets under the TOUGHBUILT® brand name, within the global multibillion dollar per year tool market industry. All of our products are designed by our in-house design team. Since launching product sales in 2013, we have experienced significant annual sales growth. Our current product line includes three major categories, with several additional categories in various stages of development, consisting of Soft Goods & Kneepads and Sawhorses & Work Products. Our mission is to provide products to the building and home improvement communities that are innovative, of superior quality derived in part from enlightened creativity for our end users while enhancing performance, improving well-being and building high brand loyalty. Additional information about the Company is available at:

Forward-Looking Statements

This press release contains certain forward-looking statements, including statements with regard to ToughBuilt’s proposed initial public offering. Words such as “expects,” “anticipates” and “intends” or similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions and no assurance can be given that the initial public offering discussed above will be completed on the terms described. Completion of the proposed initial public offering and the terms thereof are subject to numerous factors, many of which are beyond the control of the Company, including, without limitation, failure of customary closing conditions and the risk factors and other matters set forth in the prospectus included in the registration statement, in the form last filed with the SEC. ToughBuilt undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.


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