Juul Labs Raises $1.27 Billion in Equity Financing
According to a report by Reuters on November 13th, Juul Labs announced on Monday that it had raised $1.27 billion in equity financing from a funding plan totaling $1.6 billion. This comes as the latest round of funding for the company after it announced job cuts of 250 employees a few months ago to reduce operational costs.
As of now, Juul company has not responded to inquiries regarding the intended use of these funds.
Juul has agreed to pay $462 million over eight years to settle allegations from six US states, including New York, California, and the District of Columbia, of illegally selling addictive products to minors, with the settlement set to be completed by April 2023.
In November 2022, the company secured funds from some early investors to sustain its operations while also laying off approximately 400 employees and reducing its operating budget. Earlier this year, Auria also divested its shares in Juul and subsequently acquired e-cigarette startup Njoy Holdings for around $2.8 billion.
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