Business
22nd Century Group Announces Partial Adjournment of Annual Meeting for Proposal 2, All Other Proposals Passed
Transforming Business into Lean Operating Base, Extending Cash Runway, Shareholder Meeting to Re-convene February 15 Mocksville, North Carolina--(Newsfile
About this update from 22nd Century Group, Inc
[{"type":"text","content":"Transforming Business into Lean Operating Base, Extending Cash Runway, Shareholder Meeting to Re-convene February 15\nMocksville, North Carolina--(Newsfile Corp. - January 24, 2024) - 22nd Century Group, Inc. (NASDAQ: XXII) (the \"Company\" or \"22nd Century\"), a biotechnology company focused on utilizing advanced plant technologies to improve health and wellness, today announced that the Company conducted its January 24, 2024 special meeting of stockholders (the \"Meeting\") and adjourned the Meeting solely with respect to Proposal 2 set forth in its Definitive Proxy Statement (the \"Proxy Statement\") previously filed with the Securities and Exchange Commission. Proposal 2 is a proposal to increase the number of authorized number of shares of common stock. All other proposals were passed at the Special Meeting with strong support from stockholders.\n\"We sincerely appreciate the support of our stockholders on these important items as we work to swiftly effect a turnaround of the business,\" stated Larry Firestone, Chairman and Chief Executive Officer of 22nd Century. \"In the seven weeks since I joined the Company, we have fully focused the business on our tobacco operations, implemented aggressive operating cost reductions and extended our balance sheet runway. We are also actively working to improve our tobacco business margins and increase the returns from those assets as we work to make this company self-sufficient, including efforts to increase the channels and channel support for VLN sales. While I am pleased with the progress on these and other initiatives we have underway, Proposal 2 is still critically important to ensuring that the Company can address any strategic needs as we bridge to self-sustaining operations as quickly as possible. We hope that the adjournment will enable additional shareholders to vote for this proposal, or those who may have voted against to reverse their vote and support our efforts to complete the turnaround process.\"\nThe Company has adjourned the Special Meeting solely with respect to Proposal 2 to provide its stockholders additional time to vote on Proposal 2. The Special Meeting will resume with respect to Proposal 2 at 11:00 a.m. Eastern Time on February 15, 2024. The reconvened meeting will be held at 11988 El Camino Real, Suite 400, San Diego, CA 92130. The record date for determini...