Juul Labs Inc. has raised more than $700 million in convertible debt to fund its operations, according to people familiar with the matter, as the e-cigarette maker confronts increasing financial and regulatory pressures. The fundraising round comes after several investors have slashed their valuation of the San Francisco company. Altria Group Inc. last week took a second big charge on its investment and now holds it at a price that values Juul at $12 billion, down from $38 billion in late 2018.

Source: Wall Street Journal February 06, 2020 19:57 UTC