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22nd Century Group Inc. - XXII STOCK NEWS

Welcome to our dedicated page for 22nd Century Group news (Ticker: XXII), a resource for investors and traders seeking the latest updates and insights on 22nd Century Group stock.

22nd Century Group, Inc. (NASDAQ: XXII) is a pioneering agricultural biotechnology company based in the United States. The company specializes in reducing the harms associated with smoking through advanced plant science technologies. 22nd Century leverages proprietary technology to precisely control the levels of nicotine in tobacco plants, making them significantly lower or higher through genetic engineering and selective breeding.

22nd Century operates primarily in the tobacco sector, commercializing its proprietary very low nicotine content (VLNC) tobacco plants and cigarette products. These products include reduced nicotine tobacco cigarettes marketed under the brand VLN®, which have up to 97% less nicotine than traditional cigarettes. VLN® received the first and only FDA Modified Risk Tobacco Product (MRTP) authorization for a combustible cigarette in December 2021, underscoring its breakthrough in the industry.

The company also has a significant footprint in the cannabis sector, applying its technology to control cannabinoid levels in cannabis plants, aiming to optimize health and wellness benefits. The company's wholly-owned subsidiaries, Goodrich Tobacco Company and Hercules Pharmaceuticals, focus on premium tobacco products and smoking cessation aids, respectively.

Recent strategic moves include restructuring to streamline operations and improve financial performance. The company has reduced cash use from $15 million a quarter to under $4 million projected for the first quarter of 2024. Recent business highlights feature new contract manufacturing agreements and expanded product lines, such as the Pinnacle brand cigarettes and cigarillos. These efforts are expected to propel 22nd Century towards cash-positive operations by Q1 2025.

Financially, the company has taken steps to bolster its balance sheet, announcing multiple equity transactions to reduce long-term and short-term debt. As of December 31, 2023, the company held $2.1 million in cash, with subsequent capital infusions improving liquidity. Revenue is majorly derived from its tobacco segment, with research cigarettes sold under the SPECTRUM brand adding to commercial activities.

For investors, 22nd Century's commitment to innovation in plant biotechnology presents a compelling case for growth. The company continues to host quarterly earnings calls, with the latest results showing promising advances in both financial metrics and strategic goals. Learn more at xxiicentury.com

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22nd Century Group (NASDAQ: XXII) reported its financial results for Q1 2024, showing major improvements compared to the previous periods. Net revenue from continuing operations reached $6.5 million, focusing on higher margin products. The company significantly reduced its cash used in operations to $2.3 million from $17.5 million year-over-year. Gross profit was reported at $(1.1) million due to one-time charges. Operating expenses fell to $3.3 million from $10.4 million in Q1 2023. Net loss decreased to $5.5 million, and adjusted EBITDA showed a loss of $3.5 million, both improved from the previous year. The company strengthened its balance sheet by increasing its cash position to $4.8 million and reducing debt by $8.0 million through equity exchanges.

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22nd Century Group, Inc. (NASDAQ: XXII) announced the elimination of $2.3 million in debt with JGB Capital through a binding agreement. The company will exchange debt for approximately 1.375 million shares of common stock and pre-funded warrants, defer principal repayment until August 2024, and aims to achieve cash flow positivity by Q1 2025. The deal strengthens the balance sheet and supports commercial initiatives, including new contracts driving sales growth.

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22nd Century Group, Inc. (XXII) will participate in the Aegis Capital Virtual Conference on May 9, 2024, focusing on nicotine harm reduction. The presentation will be held at 2:30 PM Eastern Time. Investors can access the live event online through the provided link.

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22nd Century Group, Inc. (XXII) will announce its 2024 first quarter results on May 15, 2024, with a live webcast featuring the chairman and CEO Larry Firestone and CFO Dan Otto. The company focuses on tobacco harm reduction for health and wellness. The webcast will include financial reviews, progress updates, and a Q&A session.

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22nd Century Group, Inc. (NASDAQ: XXII) eliminates $5.2 million of debt through an above-market equity transaction, enhancing the balance sheet, reducing interest expenses, and increasing shareholder equity. The company exchanged cash, common stock, and warrants with Omnia, aiming to become cash positive by Q1 2025. The transaction, detailed in an 8-K filing, restricts Omnia from owning more than 19.99% of common stock outstanding.

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22nd Century Group, Inc. announces the resignation of Directors Nora Sullivan and James Mish, aiming to reduce the board size to four seats to enhance corporate cost efficiency. Larry Firestone, Chairman and CEO, expresses gratitude for their service and emphasizes the company's focus on achieving breakeven operations, expecting to save over $1 million annually.
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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.
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22nd Century Group, Inc. (XXII) will participate in the Planet MicroCap Showcase on May 1-2, 2024, presenting at 3:30 PM Pacific Time. Investors can access the live presentation via webcast. The company will also host individual investor meetings on May 2, 2024, at the Paris Hotel & Casino in Las Vegas, NV.
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22nd Century Group, Inc. (XXII) expands its Pinnacle private label brand to include cigarillo products at a top-5 U.S. gas station convenience store chain, experiencing over 10% growth in re-order volumes. The company aims to boost revenue and profitability through new product offerings and increased production volumes.
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22nd Century Group, Inc. (XXII) strengthens its financial position with a $4.2 million capital infusion, eliminates senior secured debt through potential debt for equity exchanges, and appoints new senior leadership team members to drive shareholder value. The company aims to become cash positive by Q1 2025 with new contract manufacturing deals and plans for a tobacco harm reduction category.
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FAQ

What is the current stock price of 22nd Century Group (XXII)?

The current stock price of 22nd Century Group (XXII) is $4.84 as of December 23, 2024.

What is the market cap of 22nd Century Group (XXII)?

The market cap of 22nd Century Group (XXII) is approximately 2.6M.

What is the primary focus of 22nd Century Group, Inc.?

22nd Century Group focuses on reducing the harms of smoking through advanced plant biotechnology, specializing in very low nicotine content (VLNC) tobacco products.

What are the key products offered by 22nd Century Group?

Key products include VLN® reduced nicotine cigarettes, research cigarettes under the SPECTRUM brand, and premium tobacco products through Goodrich Tobacco Company.

What recent financial milestones has the company achieved?

The company reduced its cash use significantly, secured additional capital infusions, and restructured its debt to improve financial health.

What strategic initiatives is 22nd Century Group currently undertaking?

Strategic initiatives include expanding contract manufacturing, launching new product lines, and focusing on growing the VLN® brand and Pinnacle private label products.

What is VLN® and how is it significant?

VLN® is a line of very low nicotine content cigarettes that received the first FDA Modified Risk Tobacco Product authorization, marking a significant breakthrough in reducing smoking harms.

How does 22nd Century Group utilize its biotechnology capabilities?

The company uses genetic engineering and molecular breeding to control nicotine and cannabinoid levels in plants, optimizing them for health and wellness benefits.

What are the financial projections for 22nd Century Group?

The company aims to achieve cash-positive operations by the first quarter of 2025, with continued improvements in revenue and financial stability.

How does 22nd Century Group's technology benefit the cannabis sector?

Their technology allows precise control over cannabinoid levels in cannabis plants, enhancing the therapeutic potential and benefits of cannabis products.

What is the significance of the recent contract manufacturing agreements?

New contracts are expected to boost production volumes by more than 20%, improving revenue and helping achieve operational profitability.

How can investors stay updated on 22nd Century Group's developments?

Investors can follow the company's updates on their Investor Relations website, quarterly earnings calls, and news releases on platforms like StockTitan.

22nd Century Group Inc.

Nasdaq:XXII

XXII Rankings

XXII Stock Data

2.65M
264.01k
23.05%
9.8%
0.53%
Tobacco
Cigarettes
Link
United States of America
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