22nd Century Group Receives Additional $3.7 Million from Cash Exercise of Outstanding Warrants
22nd Century Group (NYSE American: XXII) announced a successful cash exercise of warrants resulting in $3.7 million in additional net proceeds, totaling $11.8 million. The completion of this transaction eliminates all outstanding warrants, thereby enhancing its balance sheet. CEO James A. Mish expressed intentions to utilize these funds for growth opportunities in the tobacco and hemp/cannabis sectors, particularly in sales and licensing, contingent on acquiring Modified Risk Tobacco Products (MRTP) authorization for its Very Low Nicotine (VLN) cigarettes.
- Total net proceeds of $11.8 million from warrant exercise strengthen balance sheet.
- Elimination of all outstanding warrants simplifies capital structure.
- Funds intended for growth opportunities in tobacco and hemp sectors.
- None.
WILLIAMSVILLE, N.Y., March 12, 2021 (GLOBE NEWSWIRE) -- 22nd Century Group, Inc. (NYSE American: XXII), a leading plant-based, biotechnology company focused on tobacco harm reduction, very low nicotine content tobacco, and hemp/cannabis research, today announced that it has received an additional
“We are pleased to further strengthen our balance sheet from the complete exercise of these remaining warrants while simplifying and effectively managing our capital structure,” said James A. Mish, chief executive officer of 22nd Century Group. “We intend to use these proceeds in support of near-term, disruptive growth opportunities in both our tobacco and hemp/cannabis franchises. These include sales, licensing, and partnership opportunities upon securing Modified Risk Tobacco Products (MRTP) authorization for VLN® and further development of our upstream capabilities in the cannabinoid value chain.”
About 22nd Century Group, Inc.
22nd Century Group, Inc. (NYSE American: XXII) is a leading plant biotechnology company focused on technologies that alter the level of nicotine in tobacco plants and the level of cannabinoids in hemp/cannabis plants through genetic engineering, gene-editing, and modern plant breeding. 22nd Century’s primary mission in tobacco is to reduce the harm caused by smoking through the Company’s proprietary reduced nicotine content tobacco cigarettes – containing
Learn more at xxiicentury.com, on Twitter @_xxiicentury, and on LinkedIn.
Cautionary Note Regarding Forward-Looking Statements
Except for historical information, all of the statements, expectations, and assumptions contained in this press release are forward-looking statements. Forward-looking statements typically contain terms such as “anticipate,” “believe,” “consider,” “continue,” “could,” “estimate,” “expect,” “explore,” “foresee,” “goal,” “guidance,” “intend,” “likely,” “may,” “plan,” “potential,” “predict,” “preliminary,” “probable,” “project,” “promising,” “seek,” “should,” “will,” “would,” and similar expressions. Actual results might differ materially from those explicit or implicit in forward-looking statements. Important factors that could cause actual results to differ materially are set forth in “Risk Factors” in the Company’s Annual Report on Form 10-K filed on March 11, 2020, and in its subsequently filed Quarterly Report on Form 10-Q. All information provided in this release is as of the date hereof, and the Company assumes no obligation to and does not intend to update these forward-looking statements, except as required by law.
Investor Relations & Media Contact:
Mei Kuo
Director, Communications & Investor Relations
22nd Century Group, Inc.
(716) 300-1221
mkuo@xxiicentury.com
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