XXII - 22nd Century announces $5.3M equity offering

2023-06-20 07:15:11 ET

• 22nd Century ( NASDAQ: XXII ) announces direct offering of 11.2 million common shares and warrants at a price of $0.47 per share for expected gross proceeds of $5.3 million.
• Net proceeds will be used for the continued commercial expansion of its VLN reduced nicotine content tobacco cigarettes in additional markets, working capital related to its commercial activities and general corporate purposes.
• The Company has eliminated its at-the-market offering program.
• The warrants to purchase up to 11.2 million shares of common stock are immediately exercisable at $0.47 per share and will expire five years following the date of issuance.
• In connection with the offering, the Company will reduce the exercise price on the previously issued 11.2 million warrants owned by the investors from $2.05 to $0.47. The remaining 5.9 million previously issued warrants were not repriced and remain at an exercise price of $2.05.
• Closing date of the offering is June 22, 2023
• Source: Press Release

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