(Reuters) – E-cigarette maker Juul Labs is seeking to raise about $1 billion in a fundraising effort, Bloomberg News reported on Wednesday, citing people familiar with the matter.
The company said last July that it was in the early stages of 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 last year, Juul, which counted Marlboro maker Altria as a former investor, secured funding from some of its early investors to keep it afloat, while cutting about 400 jobs and reducing its operating budget.
Juul is working with Jefferies Financial Group Inc for the fundraising, the report said, adding that the e-cigarette manufacturer had about $800 million in revenue in 2022.
Juul and Jefferies did not immediately respond to Reuters’ request for comment.
(Reporting by Gursimran Kaur in Bengaluru; Editing by Sonia Cheema)