Investing.com - Vaping company Juul Labs has raised a more funds for its operations at a time when the sector is getting hit hard by new regulations, The Wall Street Journal reported Thursday.
Juul raised more than $700 million in convertible debt, the Journal said, citing people familiar with the matter.
The company is facing numerous lawsuits over its marketing practices that allege it encouraged underaged vaping.
Altria Group (NYSE:MO), which took a 35% stake in Juul in 2018, rose 1%. The tobacco giant wrote down another $4 billion on its investment in the vaping company last week, bringing the value of the stake to $12 billion from $38 billion originally.