(Reuters) – Juul Labs Inc has raised more than $700 million in convertible debt from investors to fund its operations, a source familiar with the matter told Reuters, as the e-cigarette maker battles growing regulatory scrutiny on vaping.
Last week, Altria Group Inc (MO.N) said it booked a $4 billion charge in the fourth quarter on its investment in Juul.
The company has recorded $8.6 billion in impairments as of 2019, since it took a 35% stake in Juul for $12.8 billion in December 2018.
The Wall Street Journal had first reported the news.
Reporting by Dania Nadeem in Bengaluru; Editing by Vinay Dwivedi