ToughBuilt Industries, Inc. (TBLT), a company involved in the development of the building sector in the US, has slumped 7.4% in aftermarket trading session. As a result, the stock is trading at $0.155 at the time of the writing. During Monday’s mid-day session, the stock surged by 5.48% and closed the day at $0.167. The stock is on a continuous fall since the company announced a registered direct offering.
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TBLT Announced Registered Direct Offering
On 15th February, TBLT announced it have agreed with some institutional investors. The securities purchase agreement was regarding the issuance of 2500 shares of series F convertible stock preferred stock as well as 2500 shares of Series G convertible preferred stock in the registered direct offering. Alongside that, the company agreed to the issuance of unregistered warrants to the investors for the purchase of aggregate 18,750,000 shares of common stock.
Increase in Gross Sales
On the 10th of January, TBLT announced an increase of approximately 68.5% in gross sales through amazon.com. Hence, during the fiscal year, 2021 which ended 31st December 2021; the company generated $11.9 million in terms of gross sales through amazon.com against $7.1 million for fiscal 2020. CEO of the company, Michael Panosian, expressed his pleasure over the development and said that Amazon has continued and would continue to positively contribute to the company’s revenue growth.
Launch of Product Line
In late December, TBLT announced the launch of a new product line by the name of ToughBuilt Workbench. The product line became available for purchase across the company’s network of partners. Michael Panosian, while commenting, said that the launch of the product line is the commitment of the team towards the execution of the goals. The company expects to keep the momentum going ahead in 2022.
What’s Ahead for TBLT?
Looking ahead, the analysts believe that TBLT stock holds several negative signals at this point, and hence, is expected to decline in the next couple of weeks. Hence, investors should take a prudent decision regarding investment in TBLT stock.