On August 28, 2024, 22nd Century Group, a tobacco products company based in Mocksville, North Carolina, announced that it has successfully secured an additional $1.68 million in gross proceeds from institutional investors through its Regulation A offering priced at $0.57, as well as from a separate private placement of common warrants. In addition, the company entered into an amendment to its existing debentures with JGB Partners and related entities.
The amended debenture agreements with JGB include the suspension of provisions requiring 20% of any equity issuances to be paid to the holders until December 31, 2024. JGB will also limit its monthly redemption rights to not exceed 50% of allowable amounts from August 2024 through July 2025.
Larry Firestone, Chairman, and CEO of 22nd Century Group, expressed that accessing additional capital and amending repayment terms will enable the company to focus on scaling its contract manufacturing business and expanding its FDA authorized VLN® reduced nicotine content product line.
22nd Century Group is an agricultural biotechnology company dedicated to tobacco harm reduction by offering tobacco products with significantly lower nicotine levels. The company has received FDA authorization for reduced nicotine content cigarettes and is vertically integrated for production and contract manufacturing operations.
For further information, visit the company’s official website and social media channels. Please note that forward-looking statements included in this press release should be considered in the context of the risks outlined in the Company’s regulatory filings. The Company does not intend to update these forward-looking statements, except as required by law.
To access the source version of this press release, follow this link: https://www.newsfilecorp.com/release/221372.
