Toughbuilt Industries Inc. has announced the conversion of accrued compensation and bonuses owed to several of its officers into shares of common stock, constituting an unregistered sale of equity securities. The issuances, totaling millions of shares, were made pursuant to exemptions under Section 4(a)(2) of the Securities Act of 1933 and Rule 506(b) of Regulation D. No sales commissions were paid in connection with these transactions. The conversions included compensation and bonuses owed to Michael Panosian, Josh Keener, Zareh Kachatoorian, Martin Galstyan, and Manu Ohri, resulting in the issuance of an aggregate of over 179 million shares of common stock.

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