Juul Labs Inc., the e-cigarette company that almost went bankrupt last year, is seeking to raise about $1 billion, according to people familiar with the matter.

Juul is working with Jefferies Financial Group Inc. on the fundraising effort, said the people, who asked to not be identified because the matter isn’t public. The company had about $800 million in revenue in 2022, the people said.

While Juul’s valuation in the round remains unclear, it’s expected to be dramatically lower than the $38 billion it was worth in 2018 when Altria Group Inc. invested in it, one of the people said. Altria divested its stake earlier this year.

The amount the company is seeking to raise could still change, the people said.

A spokesperson for Juul declined to comment. A representative for Jefferies didn’t immediately respond to a request for comment.

Juul had been preparing to file for bankruptcy before it got a financial lifeline in November from longtime shareholders Nick Pritzker and Riaz Valani. As part of that plan, the company planned to cut jobs and slash its operating budget as part of a reorganization.

The company’s problems have included a barrage of lawsuits alleging that it targeted minors in its marketing.

The e-cigarette market has been growing quickly as consumers abandon traditional smokes. The number of e-cigarette products sold in the US increased 47% over an almost three-year period ending in December, according to a study from the Centers for Disease Control and Prevention.