Business
22nd Century Group Announces Resignation of Sullivan and Mish from the Board of Directors
Intends to Reduce Board to Four Seats in Upcoming Proxy Mocksville, North Carolina--(Newsfile Corp. - April 18, 2024) - 22nd Century Group, Inc. (NASDAQ:
About this update from 22nd Century Group, Inc
[{"type":"text","content":"Intends to Reduce Board to Four Seats in Upcoming Proxy\nMocksville, North Carolina--(Newsfile Corp. - April 18, 2024) - 22nd Century Group, Inc. (NASDAQ: XXII), a tobacco products company focused on nicotine harm reduction, today announced that Nora Sullivan and James Mish have resigned as a Directors, effective immediately. The Company does not intend to fill the vacated seats and will instead reduce the board to 4 seats as part of its focus on corporate cost efficiency.\nSaid Larry Firestone, Chairman and CEO: \"We thank Nora and Jim for their service to the company over the years. We plan to reduce the size of the board in 2024, in addition to the previously announced reduction in board compensation, consistent with our efforts to achieve breakeven operations. In total, these changes to our board are expected to save more than $1 million annually.\"\nAbout 22nd Century Group, Inc.\n22nd Century Group, Inc. (NASDAQ: XXII) is an agricultural biotechnology company focused on tobacco harm reduction, reduced nicotine tobacco and improving health and wellness through plant science. With dozens of patents allowing it to control nicotine biosynthesis in the tobacco plant, the Company has developed proprietary reduced nicotine content (RNC) tobacco plants and cigarettes, which have become the cornerstone of the FDA's Comprehensive Plan to address the widespread death and disease caused by smoking. The Company received the first and only FDA Modified Risk Tobacco Product (MRTP) authorization for a combustible cigarette in December 2021. 22nd Century uses modern plant breeding technologies, including genetic engineering, gene-editing, and molecular breeding to deliver solutions for the life science and consumer products industries by creating new, proprietary plants with optimized alkaloid and flavonoid profiles as well as improved yields and valuable agronomic traits.\nLearn more at xxiicentury.com, on Twitter, on LinkedIn, and on YouTube.\nLearn more about VLN® at tryvln.com.\nCautionary Note Regarding Forward-Looking Statements\nExcept for historical information, all of the statements, expectations, and assumptions contained in this press release are forward-looking statements, including but not limited to our full year business outlook. Forward-looking statements typically contain terms such as \"anticipate,\" \"believe,\" \"consid...