Juul Labs raises capitol to expand global reach
Courtesy: Juul Labs
Juul Labs has raised $325 million in an equity and debt offering as it looks to expand its global reach, reports Yahoo Finance.
Juul is facing intense regulatory scrutiny in its home market.
In a regulatory filing on Monday, the company did not break out the ratio of equity and debt offered but said the funds would not be used for mergers, acquisitions, exchange offers, or to pay executives, promoters or directors.
The company recently launched its popular USB flash drive-shaped products across Europe, South Korea, the Philippines and Indonesia and has plans to expand into other markets.
The offering will also give Juul Labs the capital it needs to comply with a U.S. federal order in July that stipulates that e-cigarette companies submit applications to the U.S. Food and Drug Administration to remain in the market within 10 months rather than an earlier deadline of 2022.
