22nd Century (XXII) has issued an announcement.
22nd Century Group, Inc. has successfully entered into agreements to sell 2,950,000 shares of common stock to investors at $0.57 per share, raising $1.68 million, with the potential to garner up to $3.9 million more in the future. Concurrently, the company placed 2,596,000 warrants privately, exercisable at $1.00 per share, anticipating a net gain of around $26. Additionally, they have modified the terms of their existing Senior Secured Credit Facility to limit redemption rights and suspend certain equity issuance payments, with an amendment fee adding to the principal debt. These strategic financial moves aim to strengthen the company’s capital and provide flexibility for future endeavors.
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