The Wall Street Journal reports, citing anonymous sources, that electronic cigarette company NJOY Holdings Inc. has hired bankers to advise on the possible sale of the company. The process is said to be in its early stages and a source has suggested that NJOY, which is privately held, could be valued at as much as $5 billion, but the ultimate outcome of any sale is far from certain.
NJOY is an established electronic cigarette company that has received approval from federal regulatory authorities to sell its tobacco-flavored electronic cigarettes in the United States. As of now, the two most popular electronic cigarette products in the US market, Juul and Vuse Alto, have not yet received PMTA approval from the FDA.
Furthermore, The Wall Street Journal reported that if NJOY's valuation isn't high enough, the company will remain private and continue to seek funding, potentially through an initial public offering in the future. As it stands, NJOY is currently in the process of raising a new round of funding, with hopes of securing $300-500 million.
So far, NJOY and the company's main stakeholder, Mudrick Capital Management, have not responded to the rumors.
On June 10, 2022, the FDA issued a statement regarding NJOY Daily electronic cigarette products, announcing that the PMTA has officially approved two disposable e-cigarette products: NJOY Daily Rich Tobacco 4.5% and NJOY Daily Extra Rich Tobacco 6%.
On April 26, 2022, the FDA issued a statement regarding the NJOY Ace e-cigarette product. The PMTA has officially approved four pod vape products, including one device and three pods.
NJOY Ace Device
The NJOY Ace Pod Classic Tobacco 2.4% is a product offered by the company, available in the market.
The NJOY Ace Pod in Classic Tobacco flavor contains 5% nicotine.
NJOY Ace Pod in Rich Tobacco flavor 5% nicotine strength.
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