Business
22nd Century Raises $1.68 Million in Regulation A Offering, Amends Senior Secured Credit Facility
Mocksville, North Carolina--(Newsfile Corp. - August 28, 2024) - 22nd Century Group, Inc. (NASDAQ: XXII), a tobacco products company focused on nicotine harm
About this update from 22nd Century Group, Inc
[{"type":"text","content":"Mocksville, North Carolina--(Newsfile Corp. - August 28, 2024) - 22nd Century Group, Inc. (NASDAQ: XXII), a tobacco products company focused on nicotine harm reduction and contract manufacturing, today announced that it has secured an additional $1.68 million in gross proceeds from institutional investors through its Regulation A offering priced at $0.57 and from a separate private placement of common warrants. The Company also entered into an amendment to its existing debentures held by JGB Partners and related entities (\"JGB\").\nUnder the terms of the amended debenture agreements, JGB suspended provisions of the Debentures requiring 20% of any equity issuances to be paid to the Holders through December 31, 2024. Additionally, JGB will limit its monthly redemption right to not more than 50% of the amounts allowed beginning in August 2024 and through July 2025.\n\"Accessing additional capital and amending the repayment terms of our Senior Secured Credit Facility enables 22nd Century Group to remain focused on the continued scaling of our contract manufacturing business, while at the same time reactivating and expanding our FDA authorized VLN® reduced nicotine content product line in the markets,\" said Larry Firestone, Chairman and CEO.\nAbout 22nd Century Group, Inc.\n22nd Century Group, Inc. (NASDAQ: XXII) is an agricultural biotechnology company focused on tobacco harm reduction by offering tobacco products with 95% less nicotine, designed to improve health and wellness by helping smokers smoke less. Backed by comprehensive and extensively patented technologies that regulate nicotine biosynthesis activities in the tobacco plant, the Company has pioneered the development of high-yield, proprietary reduced nicotine content (RNC) tobacco plants and clinically validated RNC cigarette products. The Company received the first and only FDA Modified Risk Tobacco Product (MRTP) authorization for a combustible cigarette in December 2021. The Company is a subsequent participating manufacturer under the Master Settlement Agreement (\"MSA\") and vertically integrated for the production of both its own products and contract manufacturing operations (\"CMO\"), which consist primarily of branded filtered cigars and conventional cigarettes.\nLearn more at xxiicentury.com, on X, on LinkedIn, and on YouTube.\nLearn more about VLN® at tryvln.c...