22nd Century Regains Compliance with Nasdaq Stockholders' Equity Requirement
22nd Century Group, Inc. (NASDAQ: XXII) has regained compliance with Nasdaq's minimum stockholders' equity requirement of $2.5 million. The company, which focuses on tobacco products and reducing nicotine consumption, achieved this through new equity offerings and reducing liabilities and debt. Over the past two quarters, 22nd Century Group has raised $11.6 million in equity proceeds and improved its balance sheet.
CEO Larry Firestone expressed satisfaction with the compliance confirmation and highlighted the company's efforts to improve its financial position. He emphasized their commitment to maintaining listing compliance and creating long-term shareholder value.
22nd Century Group, Inc. (NASDAQ: XXII) ha riottenuto la conformità con il requisito minimo di patrimonio netto degli azionisti di Nasdaq di 2,5 milioni di dollari. L'azienda, che si concentra su prodotti del tabacco e sulla riduzione del consumo di nicotina, ha raggiunto questo traguardo mediante nuove emissioni di capitale e riduzione delle passività e dei debiti. Negli ultimi due trimestri, 22nd Century Group ha raccolto 11,6 milioni di dollari in proventi di capitale e ha migliorato il proprio bilancio.
Il CEO Larry Firestone ha espresso soddisfazione per la conferma della conformità e ha messo in evidenza gli sforzi dell'azienda per migliorare la propria posizione finanziaria. Ha sottolineato il loro impegno a mantenere la conformità al listino e a creare valore per gli azionisti a lungo termine.
22nd Century Group, Inc. (NASDAQ: XXII) ha recuperado la conformidad con el requisito mínimo de patrimonio de accionistas de Nasdaq de 2.5 millones de dólares. La empresa, que se centra en productos de tabaco y en la reducción del consumo de nicotina, logró esto a través de nuevas ofertas de capital y reducción de pasivos y deudas. En los últimos dos trimestres, 22nd Century Group ha recaudado 11.6 millones de dólares en ingresos de capital y ha mejorado su balance.
El CEO Larry Firestone expresó satisfacción por la confirmación de la conformidad y destacó los esfuerzos de la empresa para mejorar su situación financiera. Enfatizó su compromiso de mantener la conformidad con el listado y de crear valor para los accionistas a largo plazo.
22nd Century Group, Inc. (NASDAQ: XXII)는 Nasdaq의 최소 주주 자본 요구 사항인 250만 달러에 대해 재정 준수 상태를 회복했습니다. 담배 제품과 니코틴 소비 감소에 중점을 두고 있는 이 회사는 새로운 자본 조달 및 부채와 의무를 줄이는 방법으로 이를 달성했습니다. 지난 두 분기 동안 22nd Century Group은 1160만 달러를 자본으로 모집하고 재무 상태를 개선했습니다.
CEO 래리 파이어스톤은 준수 확인에 대한 만족감을 표명하며 회사의 재무상태 개선 노력을 강조했습니다. 그는 상장 요건을 유지하고 장기적인 주주 가치를 창출하겠다는 회사의 의지를 강조했습니다.
22nd Century Group, Inc. (NASDAQ: XXII) a récupéré sa conformité avec l'exigence minimale de capitaux propres des actionnaires de Nasdaq de 2,5 millions de dollars. L'entreprise, qui se concentre sur les produits du tabac et la réduction de la consommation de nicotine, a atteint cet objectif grâce à de nouvelles émissions de capitaux et à la réduction des passifs et de la dette. Au cours des deux derniers trimestres, 22nd Century Group a collecté 11,6 millions de dollars en recettes de capitaux et a amélioré son bilan.
Le PDG Larry Firestone a exprimé sa satisfaction quant à la confirmation de la conformité et a souligné les efforts de l'entreprise pour améliorer sa situation financière. Il a mis en avant leur engagement à maintenir la conformité de la cotation et à créer de la valeur à long terme pour les actionnaires.
22nd Century Group, Inc. (NASDAQ: XXII) hat die Einhaltung der Mindestanforderung an das Eigenkapital von Aktionären von Nasdaq in Höhe von 2,5 Millionen Dollar wiedererlangt. Das Unternehmen, das sich auf Tabakprodukte und die Reduzierung des Nikotinkonsums konzentriert, erreichte dies durch neue Eigenkapitalangebote und Verminderung von Verbindlichkeiten und Schulden. In den letzten zwei Quartalen hat die 22nd Century Group 11,6 Millionen Dollar an Eigenkapitalerträgen gesammelt und ihre Bilanz verbessert.
CEO Larry Firestone zeigte sich zufrieden mit der Bestätigung der Einhaltung und hob die Bemühungen des Unternehmens zur Verbesserung seiner finanziellen Lage hervor. Er betonte das Engagement des Unternehmens, die Listungskonformität aufrechtzuerhalten und langfristigen Aktionärswert zu schaffen.
- Regained compliance with Nasdaq's minimum stockholders' equity requirement
- Raised $11.6 million in equity proceeds over the past two quarters
- Improved balance sheet through debt reduction and liability settlements
- None.
Insights
The regaining of Nasdaq compliance is a positive development for 22nd Century Group, addressing a critical regulatory concern. This achievement demonstrates the company's ability to improve its financial position, which is important for maintaining investor confidence and market access. The successful equity offerings totaling
However, it's important to note that while this compliance is a step in the right direction, it doesn't necessarily indicate a fundamental change in the company's operational performance or market position. The focus now should be on how 22nd Century Group leverages this improved financial standing to drive growth and profitability in its core tobacco products business. Investors should closely monitor upcoming financial reports to assess whether this balance sheet improvement translates into sustainable operational improvements.
Mocksville, North Carolina--(Newsfile Corp. - October 8, 2024) - 22nd Century Group, Inc. (NASDAQ: XXII), a tobacco products company that is leading the fight against nicotine and believes smokers should have a choice about their nicotine consumption, today announced that it has received formal written notice from The Nasdaq Stock Market LLC ("Nasdaq") that the Company has regained compliance with the minimum stockholders' equity requirement as set forth in Nasdaq Listing Rule 5550(b)(1) (the "Equity Rule").
This confirmation follows the Company's successful efforts to improve its balance sheet and liquidity by completing new equity offerings, while reducing outstanding liabilities and debt through various forms of settlement with creditors. As a result, the Company now meets Nasdaq's stockholders' equity minimum requirement of at least
Larry Firestone, Chief Executive Officer said, "We are pleased to receive Nasdaq's notification confirming 22nd Century's regained compliance with the minimum stockholders' equity requirement. Over the past two quarters, we have made significant strides in improving our balance sheet and expanding our business. During this period, we have raised
About 22nd Century Group, Inc.
22nd Century Group is the pioneering nicotine harm reduction company in the tobacco industry enabling smokers to take control of their nicotine consumption.
We created our flagship product, the VLN® cigarette, to give traditional cigarette smokers an authentic and familiar alternative that helps them smoke less. VLN® is the world's first and only combustible cigarette to receive a Modified Risk Tobacco Product designation from the FDA, which the FDA has mandated be described as a product that Helps You Smoke Less®. VLN® cigarettes have
Our wholly owned subsidiaries include a leading cigarette manufacturer that produces all VLN® products and provides turnkey contract manufacturing for other tobacco brands both domestically and internationally. The 60,000 square foot facility in Mocksville, North Carolina has the capacity to produce more than 45 million cartons of combusted tobacco products annually with additional space for expansion.
Our proprietary reduced nicotine tobacco blends are made possible by comprehensive and patented technologies that regulate nicotine biosynthesis activities in the tobacco plant, resulting in full flavor and high yield with
VLN® and Helps You Smoke Less® are registered trademarks of 22nd Century Limited LLC.
Learn more at xxiicentury.com, on X (formerly Twitter), on LinkedIn, and on YouTube.
Learn more about VLN® at tryvln.com.
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 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, and in the Company's Quarterly Reports filed on May 15, 2024 and August 13, 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/225971
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