US e-cigarette maker Juul Labs Inc has raised USD 325 million in an equity and debt offering to speed up its global reach at a time of intense regulatory scrutiny in its home market, Reuters reported.
According to Reuters, the company did not break out the ratio of equity and debt offered, but Juul sold convertible debt in a bridge financing to bolster its balance sheet. Over the past year, the company focused on growth outside the US, as American regulators increased supervision of e-cigarette products that are wildly popular among teenagers. Juul launched its products in South Korea, Philippines and Indonesia at around the same time as San Francisco, where Juul has its headquarters, approved a regulation banning the sale and distribution of e-cigarettes until manufacturers receive FDA approval, the report said.