Shares of ToughBuilt Industries Inc. (TBLT) - Get Report closed up a stunning 156.8% to $3.21 Wednesday after the tools company said it launched an agreement to sell its products in Menards Inc.'s home improvement store.
ToughBuilt CEO Michael Panosian said in a statement, the Lake Forest, Calif.-based company will supply tools and home-building accessories under both the ToughBuilt brand and private label.
"We are now supplying this retailer with over 75 different SKUs, stock keeping units, which we expect to expand over time," Panosian said. "In the short time since our launch, the feedback from our partner and consumer response has been extremely positive."
Panosian said the deal "dramatically expands our footprint across the U.S. into hundreds of retail locations."
"Overall, we are consistently gaining traction expanding our network in the U.S. and abroad given what we believe to be the superior quality and strong appeal of our products within both the do-it-yourself and professional markets. As a result, we remain very encouraged by the outlook for the business heading into 2019."
ToughBuilt, which was launched in 2013, completed its IPO in November, raising $13.35 million, which Panosian said in a Jan. 4 letter to shareholders "will go toward sales and marketing, developing new products, increasing production capacity, and for general corporate purposes."
The privately held Menards, headquartered in Eau Claire, Wisconsin, has 305 stores in 14 states.
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