Why ToughBuilt Industries (TBLT) Shares Are Plunging Today - ToughBuilt Industries (NASDAQ:TBLT)

ToughBuilt Industries Inc TBLT has agreed with several institutional investors for the issuance and sale of 2.6 million shares of common stock and preferred investment options to purchase up to 10.61 million shares of common stock at $2.862692 per share and accompanying preferred investment options, in a private placement.
The preferred investment options are exercisable immediately upon issuance, have a term of three years, and have an exercise price of $2.356 per share.
The gross proceeds from the offering are expected to be approximately $7.5 million.
The company intends to use the offering net proceeds for general working capital purposes.
The private placement is expected to close on or about November 17, 2022.
Price Action: TBLT shares are trading lower by 21.19% at $2.5376 on the last check Wednesday.
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ToughBuilt Industries Plunge Post $7.5M Equity Offering