22nd Century Group shares are trading lower. The company secured an additional $11.7 million in gross proceeds from a registered direct financing and announced the commencement of an estimated $15 million annualized cost reduction initiative.
Portfolio Pulse from Benzinga Newsdesk
22nd Century Group has secured an additional $11.7 million in gross proceeds from a registered direct financing and announced the commencement of an estimated $15 million annualized cost reduction initiative. This news has led to a decrease in the company's share price.
July 24, 2023 | 6:41 pm
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22nd Century Group's shares are trading lower after the company secured additional financing and announced a cost reduction initiative.
The company's shares are trading lower likely due to the market's reaction to the news of additional financing, which could dilute existing shares, and the cost reduction initiative, which could impact the company's operations.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100