22nd Century Group Reports $1.5M Reduction In Its Secured Debt Via Paydown Of GVB Secured Promissory Note
Portfolio Pulse from Benzinga Newsdesk
22nd Century Group has reduced its secured debt by $1.5 million through the paydown of a GVB secured promissory note, with the remaining $500,000 extended to December 31, 2024. The company's total outstanding debt is now $8.3 million, down from $15.8 million at the end of 2023.
June 25, 2024 | 9:08 pm
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22nd Century Group has successfully reduced its secured debt by $1.5 million, bringing its total outstanding debt down to $8.3 million. This move is expected to lower the company's cash and noncash interest expenses.
The reduction in secured debt and the extension of the remaining $500,000 will lower interest expenses, improving the company's financial health. This is likely to have a positive short-term impact on the stock price.
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