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BRIEF-Toughbuilt Industries And An Institutional Investor Entered Into Warrant Repurchase Agreement

reuters.com · 06/09/2022 06:17
BRIEF-Toughbuilt Industries And An Institutional Investor Entered Into Warrant Repurchase Agreement

- Toughbuilt Industries Inc TBLT:

  • TOUGHBUILT INDUSTRIES - ON JUNE 8, CO AND AN ACCREDITED INSTITUTIONAL INVESTOR ENTERED INTO A WARRANT REPURCHASE AGREEMENT

  • TOUGHBUILT - PURSUANT TO AGREEMENT, INVESTOR AGREED TO SELL TO CO COMMON STOCK PURCHASE WARRANT ISSUED BY CO TO INVESTOR ON NOV 20, 2020, AS AMENDED

  • TOUGHBUILT INDUSTRIES - REPURCHASE WARRANT IS EXERCISABLE FOR 11,500,001 SHARES OF COMMON STOCK OF CO FOR $0.05 PER WARRANT SHARE UNTIL APRIL 24, 2024

  • TOUGHBUILT - IN CONSIDERATION FOR REPURCHASE WARRANT, CO AGREED TO PAY INVESTOR AN AGGREGATE OF $2.5 MILLION IN TWO INSTALLMENTS

  • TOUGHBUILT INDUSTRIES - AGREEMENT EXTENDS INVESTOR’S RIGHT TO PARTICIPATE IN FUTURE OFFERINGS UNDER PURCHASE AGREEMENT TO UNTIL DEC 31, 2024

  • TOUGHBUILT - AGREEMENT STATES THAT IT SHALL AUTOMATICALLY TERMINATE, BE OF NO FURTHER FORCE, EFFECT IF OFFERING IS NOT CONSUMMATED BY JUNE 24, 2022

Source text for Eikon: [https://bit.ly/3O1SBwz]

Further company coverage: TBLT


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