Thanks to the efforts of two investment funds, Teitelbaum’s Homewood Capital and Mudrick Capital Management, the company raised the $35 million needed to restore the capital and to securize the financial situation of the company, said a press release on February 23. The brand is now back on the marketplace with a new distribution of partners among which the convenient stores 7-Eleven, Extra-Miles and Love’s, Rite Aid pharmacy and Sunoco fuel stations.
The press release also reads “NJOY, LLC announced the acquisition of the assets of NJOY, Inc. in connection with NJOY, Inc.’s financial restructuring” which means that the business structure has been modified. This change means that the business is a separate legal entity and the owners are not legally liable for some acts and debts of the company.
With this new status and liquidity, the company is now in a position to file pre-market tobacco product authorisations (PMTAs), as required under US FDA’s Deeming regulation regime in the view of marketing their vaping products after August 2018.