22nd Century Appoints Interim CEO, Implements $15M Cost Reduction Initiative
Portfolio Pulse from Vuk Zdinjak
22nd Century Group, Inc. (NASDAQ:XXII) has appointed John Miller as interim CEO and implemented a $15 million annualized cost reduction initiative. The company has also secured an additional $11.7 million in gross proceeds from a registered direct financing. The company's shares were trading 40.0% lower at $2.91 per share.
July 24, 2023 | 2:26 pm
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22nd Century Group's appointment of an interim CEO and cost reduction initiative may lead to operational efficiency. However, the company's shares have fallen by 40.0%.
The appointment of an interim CEO and the implementation of a cost reduction initiative indicate that the company is taking steps to improve its operations. However, the sharp drop in the company's share price suggests that investors may have concerns about the company's future.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100