XXII - 22nd Century stock plummets 20% on registered direct offering
2023-07-06 10:32:45 ET
- 22nd Century Group ( NASDAQ: XXII ) has entered into definitive agreements for the purchase and sale of 778,634 shares of common stock and warrants at a price of $3.80/share in a registered direct offering priced above market.
- Gross proceeds are expected to be $3M and the Company intends to use the net proceeds 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.
- “In turn, we are pleased to have strengthened our capital position, deliver continued operational momentum, and taken successful steps toward regaining compliance with Nasdaq listing standards.” said James A. Mish, CEO.
- XXII is -19.68% to $3.02.
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22nd Century stock plummets 20% on registered direct offering