Juul Labs is seeking to raise about $1 billion, reports Bloomberg News
The e-cigarette manufacturer, which had about $800 million in revenue in 2022, is reportedly working with Jefferies Financial Group for the fundraising.
In July, the company said it was exploring options including financing alternatives, to protect its business and help refinance an existing loan, as it dealt with lawsuits related to the marketing of its e-cigarettes.
In November 2022, Juul secured a cash infusion to keep the company in business while it appeals the U.S. Food and Drug Administration’s marketing denial order related to its vapor products.
A pioneer in the vaping business, Juul Labs has gone from dominating the U.S. e-cigarette market to fighting for its survival in a relatively short time.
Following its initial success, the company quickly came under regulatory scrutiny over its marketing practices. Critics blame Juul Labs for contributing to an “epidemic” of underage vaping.