XXII - 22nd Century Group Stock (XXII) Is Down 45%: What's Going On? | Benzinga

22nd Century Group, Inc. (NASDAQ:XXII) shares are trading lower by 45% to $1.96 during Monday’s session. The stock is potentially trading lower likely due to profit-taking after the company last week announced it had signed a new contract manufacturing agreement for the production of branded conventional cigarette products.

What Else?

XXII on Monday announced it had signed a binding agreement with its senior secured lender to eliminate its senior secured debt through potential debt-for-equity exchanges. Additionally, it has finalized agreements for the purchase of common stock and warrants.

The company also appointed Daniel Otto as Chief Financial Officer and Jonathan Staffeldt as General Counsel, effective April 6, 2024. R. Hugh Kinsman, the current CFO, will leave the company on June 1, 2024. Larry Firestone, Chairman and CEO, stated that the debt elimination ...

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