22nd Century (XXII) has issued an update.
A company has amended its financial agreements to allow debt conversion to common stock at $2.14 per share and has initiated a $4.2 million securities offering at the same price, with the potential for investors to participate in future offerings. The company expects net proceeds of $3.9 million after expenses, with the offering contingent on customary closing conditions and stockholder approval for warrant-issued shares. Concurrently, the company announced CFO Hugh Kinsman’s resignation and the appointment of Daniel Otto as the new CFO, as well as Jonathan Staffeldt as General Counsel, both with boosted salaries and ongoing at-will employment agreements.
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