- Altria Group Inc MON-supports Juul Labs Inc is reportedly in talks with top tier investors including Nick Pritzker and Riaz Valani. They are considering putting money into the company to potentially stave off a bankruptcy filing.
- Messrs. Pritzker and Valani were early investors in Juul, have been longtime directors, and are among the company’s largest shareholders.
- The deal hasn’t been finalized yet, and Juul might decide not to be followed up, the Wall Street Journal reported.
- Related: Amid an FDA dispute, Juul Labs cancels overseas expansion plans and refinances some debt.
- The e-cigarette manufacturer has prepared for one potential Chapter 11 filing.
- Juul hired bankruptcy advisors Kirkland & Ellis and Alvarez & Marsal in June The FDA has banned Juul products on US shelves, citing a lack of evidence demonstrating their overall safety.
- In a statement to the WSJ, Juul said it continues to evaluate several strategic options to secure its business and address the impact of the FDA order, “while we fight to maintain our mission to move adult smokers off cigarettes while reducing consumption.” of minors”.
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