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...Marlboro maker Altria has swapped its minority stake in Juul Labs for intellectual property rights to some of the e-cigarette company’s heated tobacco prototypes, ending an investment which plummeted in...
...The US group wrote down the value of its 35 per cent stake in Juul to just $250mn before swapping it for intellectual property rights to some of Juul’s heated tobacco prototypes....
...Altria has since cut its valuation of that investment to just $250mn after Juul suffered a series of regulatory and legal blows....
...“Today, Juul Labs has identified a path forward, enabled by an investment of capital from some of our earliest investors,” the company said in a statement....
...Per Bloomberg: Juul Labs Inc. is beginning talks regarding funding for a potential Chapter 11 bankruptcy, according to people with knowledge of the preparations....
...Juul Labs, the Altria-backed e-cigarette group, must pay $438.5mn under a settlement with dozens of US attorneys-general after their two-year investigation concluded it had “cynically” advertised vaping...
...Subsequently, Altria took a 35 per cent stake in the e-cigarette manufacturer Juul Labs whose products are subject to a ban, currently stayed, by the US Food and Drug Administration and is facing possible...
...Juul makes the bulk of its revenues in the US. Juul’s fatal flaw was the popularity of its mint vapes with teenagers....
...Write to the FintechFT team at imani.moise@ft.com and sid.v@ft.com. You can build it, but will they come?...
...The deal was called off, however, after a regulatory crackdown on e-cigarettes in the US that dented the fortunes of Juul Labs, the vaping company in which Altria had taken a stake....
...Labs....
...A Juul spokesperson declined to comment....
...The change gave Juul a new valuation of about $12bn....
...Instead it will focus on helping Juul deal with regulation....
...The US tobacco behemoth has written down its $12.8bn investment in e-cigarette group Juul Labs by more than a third....
...Juul employees shared a $2bn bonus pool as a result of the deal. Since then Juul has been caught in a political, regulatory and legal backlash over vaping....
...A disastrous start-up bet goes from bad to worse When Altria bought a 35 per cent stake in the e-cigarette start-up Juul Labs in late 2018, it appeared the Marlboro maker was preparing to leap into a post-cigarette...
...With a sleek product that became a hit among 20-somethings and a headquarters in a trendy part of San Francisco, e-cigarette start-up Juul Labs long occupied a different world from Big Tobacco....
...As he resigned from Altria, which makes the top-selling tobacco brand, to take charge this week of Juul Labs, the vaping company that has pledged to render cigarettes obsolete, he recognised that the start-up...
...Just one day after WeWork’s board gave chief executive Adam Neumann his marching orders, Juul Labs boss Kevin Burns announced his resignation after coming under fire from regulators following a spike in...
...Juul Labs, in which Altria took a 35 per cent stake in December 2018 for $12.8bn, announced on Tuesday an abrupt change of leadership and alterations to its marketing and lobbying policies....
...Anyway, there’s much to enjoy in the paper for policy wonks, technologists or historians, so do have a read if you want a break from wondering whether we’ll have a V-shaped recovery or not....
...Shares in Altria, which owns a 35 per cent stake in ecigarette maker Juul and sells Marlboro cigarettes in the US, had been trading as much as 1.7 per cent higher earlier in the day but after the announcement...
...The appeal for Juul was the prospect of Altria using its vast marketing and distribution power to promote the Juul brand from Marlboro packets to retailers’ shelves....
...Fidelity recently marked down by almost half an investment in the e-cigarette company Juul Labs, which has come under scrutiny from authorities for its marketing practices and popularity among teenagers....
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