- 22nd Century Group ( NASDAQ: XXII ) has announced a $35M share and warrant offering priced above market under Nasdaq rules.
- The offering will consist of 17,073,175 shares of common stock issued at $2.05/share. The company also agreed to offer unregistered warrants to purchase up to 17,073,175 shares of common stock; warrants are immediately exercisable at $2.05/share and will expire five years following the date of issuance.
- Gross proceeds are expected to be $35M; net proceeds will be used for expansion and expedite the launch of XXII's VLN reduced nicotine content tobacco cigarettes in additional markets, R&D expenses, procurement and development of additional IP rights, working capital and general corporate purposes. The proceeds will not be used to repay indebtedness or fund the operations of the company’s subsidiary, GVB Biopharma.
- Offering is expected to close on July 25, 2022.
For further details see:
22nd Century Group launches $35M securities offering