E-cigarette maker NJOY hires bankers for possible sale - WSJ

Industry Insight
Jul.20.2022
E-cigarette maker NJOY Holdings Inc has hired bankers for a possible sale of the company, the Wall Street Journal reported on Tuesday, citing people familiar with the matter.

Adds details from the report, background

E-cigarette maker NJOY hires bankers for possible sale - WSJ

July 19 (Reuters) - E-cigarette maker NJOY Holdings Inc has hired bankers for a possible sale of the company, the Wall Street Journal reported on Tuesday, citing people familiar with the matter.

 

The report added the privately held NJOY is likely to be valued at up to $5 billion, according to the sources who cautioned the process was still at an early stage and there was no guarantee a deal would materialize. (https://on.wsj.com/3PHG41Y)

 

If NJOY does not receive a high enough valuation, the company could raise money and stay private, potentially paving the way for a future initial public offering, the Wall Street Journal said.

 

The e-cigarette maker is simultaneously exploring a new fundraising round and aims to raise between $300 million and $500 million, the report added.

 

 

NJOY and Mudrick Capital Management, a majority owner of the company, did not immediately respond to a Reuters request for comment.

 

Late June, Bernstein analyst Callum Elliott wrote in a note that Altria could try to buy privately owned NJOY, which has already succeeded with its PMTA (Premarket Tobacco Product Application) process applications.

 

Rival Juul Labs Inc said on Friday it was in the early stages of exploring several options, including financing alternatives, as the company deals with lawsuits and a probable ban on sales of its e-cigarettes by U.S. health regulators.

 

(Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Krishna Chandra Eluri)

 

The content excerpted or reproduced in this article comes from a third-party, and the copyright belongs to the original media and author. If any infringement is found, please contact us to delete it. Any entity or individual wishing to forward the information, please contact the author and refrain from forwarding directly from here.

Canadian Border Officers Seize Contraband Worth CAD 4.5 Million at Point Edward Crossing
Canadian Border Officers Seize Contraband Worth CAD 4.5 Million at Point Edward Crossing
The Canada Border Services Agency said border officers at the Point Edward port of entry in Sarnia, Ontario, seized more than CAD 4.5 million worth of illegal tobacco and nicotine vapes over a seven-day period. The agency said the contraband was entering Canada from the United States and described the seizure as part of ongoing efforts to prevent illegal products from entering the country and disrupt organized crime.
Mar.26 by 2FIRSTS.ai
BAT faces London shareholder lawsuit over alleged disclosure failures tied to North Korea business
BAT faces London shareholder lawsuit over alleged disclosure failures tied to North Korea business
British American Tobacco is facing a shareholder lawsuit in London alleging it failed to properly disclose to markets information about breaches of U.S. sanctions linked to its North Korea-related business. BAT agreed in 2023 to pay more than $635 million to U.S. authorities after a subsidiary admitted conspiring to violate U.S. sanctions by selling tobacco products to North Korea and committing bank fraud from 2007 to 2017.
Mar.05 by 2FIRSTS.ai
KT&G Moves Ahead With Oral Nicotine Product Development and Pilot Line Preparation
KT&G Moves Ahead With Oral Nicotine Product Development and Pilot Line Preparation
According to a Korean media report, KT&G is developing a smokeless nicotine product that delivers nicotine through oral absorption and is preparing a pilot production line for research and development.
Apr.08 by 2FIRSTS.ai
Philippines DOH reiterates: vaping is not safer than smoking, citing irreversible health risks
Philippines DOH reiterates: vaping is not safer than smoking, citing irreversible health risks
The Philippine Department of Health reiterated Saturday that vaping should not be promoted as an alternative to cigarette smoking, Health Secretary Teodoro “Ted” Herbosa said in a radio interview, according to the Tribune. Herbosa said both vaping and smoking pose irreversible health risks and cited E-cigarette or Vaping Product Use-Associated Lung Injury (EVALI), claiming it led to the death of a 22-year-old male with no smoking history in 2025.
Feb.28 by 2FIRSTS.ai
Italy Formally Submits Detailed Opinion to EU Obstructing Ireland's Disposable Vape Ban
Italy Formally Submits Detailed Opinion to EU Obstructing Ireland's Disposable Vape Ban
Italy's Ministry of Enterprises and Made in Italy has submitted a detailed opinion against Ireland's proposed "Public Health (Single Use Vapes) Bill 2025." Italy argued that the comprehensive ban on disposable vapes lacks scientific evidence, violates the EU principle of the free movement of goods, and conflicts with the existing Tobacco Products Directive.
Apr.10 by 2FIRSTS.ai
American Snuff Expands Manufacturing Hiring as Reynolds American Builds Future-Ready Operations
American Snuff Expands Manufacturing Hiring as Reynolds American Builds Future-Ready Operations
Reynolds American said American Snuff Company will add more than 50 manufacturing roles at its Clarksville, Tennessee facility as part of its wider U.S. manufacturing investment plan. The company said the hiring is one of the latest developments under its plan to invest more than USD 3.2 billion across U.S. operations by 2030.
Mar.27 by 2FIRSTS.ai