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.
Notice
1. This article is provided exclusively for professional research purposes related to industry, technology and policy. Any reference to brands or products is made solely for the purpose of objective description and does not constitute an endorsement, recommendation, or promotion of any brand or product.
2. The use of nicotine products, including but not limited to cigarettes, e-cigarettes, and heated tobacco products, is associated with significant health risks. Users are required to comply with all relevant laws and regulations in their respective jurisdictions.
3. This article is strictly restricted from being accessed or viewed by individuals under the legal age.
Copyright
This article is either an original work by 2Firsts or a reproduction from third-party sources with the original source clearly indicated. The copyright and usage rights of this article belong to 2Firsts or the original source. Unauthorized reproduction, distribution, or any other unauthorized use of this article by any entity or individual is strictly prohibited. Violators will be held legally responsible. For copyright-related matters, please contact: info@2firsts.com
AI Assistance Disclaimer
This article may have utilized AI to enhance translation and editing efficiency. However, due to technical limitations, errors may occur. Readers are advised to refer to the sources provided for more accurate information.
This article should not be used as a basis for any investment decisions or advice, and 2Firsts assumes no direct or indirect liability for any errors in the content.
