22nd Century Group Regains Compliance with NASDAQ Minimum Bid Price Rule

Rhea-AI Summary

22nd Century Group, Inc. (Nasdaq: XXII) has regained compliance with the minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2). The company continues to focus on growing sales with new contracts and progressing towards cash positive operations. Chairman and CEO Larry Firestone expressed pleasure in meeting Nasdaq's standards, highlighting the ongoing efforts to enhance the business through steady progress and the pursuit of profitability.

Positive

• 22nd Century Group has regained compliance with Nasdaq's minimum bid price requirement.
• The company is concentrating on increasing sales through new contracts and moving towards profitability.
• Chairman and CEO Larry Firestone emphasized the importance of meeting Nasdaq's standards and the continuous efforts to improve the business.

Negative

• None.

Continues Focus on Growing Sales with New Contracts, Progress Toward Cash Positive Operations

Mocksville, North Carolina--(Newsfile Corp. - April 18, 2024) - 22nd Century Group, Inc. (Nasdaq: XXII), a tobacco products company focused on nicotine harm reduction, today announced that it has received notice from The Nasdaq Stock Market LLC ("Nasdaq") that it has regained compliance with the minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2) (the "Rule") for continued listing.

Said Larry Firestone, Chairman and CEO: "We are pleased to regain compliance with the Nasdaq listing standards related to minimum bid price, another win in our efforts to improve our business step by step, every day, with steady progress on all fronts. We have also recently announced multiple new contracts to drive our manufacturing and distribution volumes as we continue our work to scale up our base business, enhance margins and move steadily toward profitability."

About 22nd Century Group, Inc.

22nd Century Group, Inc. (Nasdaq: XXII) is an agricultural biotechnology company focused on tobacco harm reduction, reduced nicotine tobacco and improving health and wellness through plant science. With dozens of patents allowing it to control nicotine biosynthesis in the tobacco plant, the Company has developed proprietary reduced nicotine content (RNC) tobacco plants and cigarettes, which have become the cornerstone of the FDA's Comprehensive Plan to address the widespread death and disease caused by smoking. The Company received the first and only FDA Modified Risk Tobacco Product (MRTP) authorization for a combustible cigarette in December 2021. 22nd Century uses modern plant breeding technologies, including genetic engineering, gene-editing, and molecular breeding to deliver solutions for the life science and consumer products industries by creating new, proprietary plants with optimized alkaloid and flavonoid profiles as well as improved yields and valuable agronomic traits.

Learn more at xxiicentury.com, on Twitter, on LinkedIn, and on YouTube.

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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, including but not limited to our full year business outlook. 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. Forward-looking statements include, but are not limited to, statements regarding (i) our strategic alternatives and cost reduction initiatives, (ii) our expectations regarding regulatory enforcement, including our ability to receive an exemption from new regulations, (iii) our financial and operating performance and (iv) our expectations for our business interruption insurance claim. 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 28, 2024. 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
Matt Kreps
Investor Relations
22nd Century Group
mkreps@xxiicentury.com
214-597-8200

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/205877

FAQ

What is the ticker symbol for 22nd Century Group, Inc.?

The ticker symbol for 22nd Century Group, Inc. is XXII.

What rule did 22nd Century Group regain compliance with?

22nd Century Group regained compliance with the minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2).

What did Larry Firestone, Chairman and CEO of 22nd Century Group, mention about the compliance with Nasdaq standards?

Larry Firestone expressed pleasure in regaining compliance with Nasdaq listing standards, highlighting the company's efforts to enhance the business through steady progress and pursuit of profitability.

What is 22nd Century Group's focus in terms of business growth?

22nd Century Group is focused on growing sales with new contracts and progressing towards cash positive operations.

What recent announcements have been made by 22nd Century Group to drive manufacturing and distribution volumes?

22nd Century Group has recently announced multiple new contracts to drive manufacturing and distribution volumes.

What is the goal of 22nd Century Group regarding profitability?

22nd Century Group aims to enhance margins, scale up the base business, and move steadily towards profitability.