22nd Century To Secure $3M Via Registered Direct Offering Priced Above Market
Portfolio Pulse from Vuk Zdinjak
22nd Century Group, Inc. (NASDAQ:XXII) has entered into definitive agreements with investors for the sale of 778,634 shares of common stock and warrants at $3.80 per share in a registered direct offering priced above market. The gross proceeds are expected to be $3.0 million. The company plans to use the proceeds for the commercial expansion of its VLN reduced nicotine content tobacco cigarettes, working capital, and general corporate purposes.
July 07, 2023 | 2:48 pm
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22nd Century Group's registered direct offering could strengthen its capital position and support the commercial expansion of its VLN reduced nicotine content tobacco cigarettes.
The registered direct offering is expected to raise $3.0 million for 22nd Century Group, which will be used for commercial expansion, working capital, and general corporate purposes. This could strengthen the company's financial position and support its growth, potentially leading to a positive impact on its stock price.
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