According to a Reuters report on August 2, people familiar with the matter said that the US electronic cigarette maker JUUL is seeking about $1 billion in financing. It is reported that JUUL’s revenue in 2022 is about $800 million.
JUUL said in July last year that it was in the early stages of exploring a variety of options, including financing alternatives, aimed at protecting its business and helping refinance existing loans as it faces litigation challenges related to the marketing of e-cigarettes.
Last November, JUUL managed to secure funding from some early investors to stay in business while cutting about 400 jobs and reducing its operating budget. Altria was one of its former investors.
JUUL is partnering with Jefferies Financial Group Inc (JEF.N), a full-service investment banking and capital markets firm, to raise capital.
Juul and Jefferies did not immediately respond to Reuters’ requests for comment.
References:
[1] E-cigarette maker Juul Labs seeks $1 bln in funding – Bloomberg News